MARIETTA, Ga., May 1, 2017 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative biologics utilizing human placental tissue allografts and patent-protected processes for multiple sectors of healthcare, announced today it has received the Innovative Technology Supplier of the Year Award from Vizient, Inc., the nation's largest member-driven health care improvement company in the country. The award recognizes MiMedx for its positive impact on patient care provided through Vizient members in 2016. The award was presented earlier this month at the 2017 Vizient Supplier Summit.
The award honors MiMedx for the high level of member adoption of the EpiFix® dehydrated Human Amnion/Chorion Membrane (dHACM) allograft, which received an Innovative Technology contract in May 2015. The contract was based on recommendations from experts at Vizient member hospitals that the MiMedx allograft offers unique and incremental benefit over other products available on the market today.
Chris Cashman, MiMedx Executive Vice President and Chief Commercialization Officer, said, "To be chosen as one of three finalists and then be selected as the top supplier in this category is something for which we are very proud. MiMedx received this recognition for a number of reasons. There has been a very wide adoption of our technology by Vizient members, and utilization within our contract with Vizient has grown by over 500% since its inception in 2015. We have seen the utilization of our allografts produce many extremely positive outcomes and improvements in patient care."
Vizient's diverse membership base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers, and represents more than $100 billion in annual aggregate purchasing volume.
"We are pleased to recognize MiMedx Group, Inc. with the Innovative Technology award for 2016. This achievement reflects their commitment to bringing innovative products to the market and to our members that offer improvements to patient care," said Pete Allen, Executive Vice President, Sourcing Operations for Vizient. "MiMedx has backed their innovative products with clinical support and service excellence that has helped them to be widely adopted as a part of delivering exceptional care for patients by organizations within our membership."
Bill Taylor, MiMedx President and COO, noted, "We have built a strong relationship with Vizient since contract inception as demonstrated by the significant utilization growth. We are pleased to work with Vizient, and share a common goal with them to improve patient outcomes while controlling costs. Vizient brings clinical and cost effective resources to hospitals, health systems, physician practices and other entities they serve. Our allografts have been recognized for improving patient outcomes, reducing costs and eliminating waste. We believe our mutual focus to this cause has contributed to our rapid growth and success with Vizient."
MiMedx® is an integrated developer, processor and marketer of patent protected and proprietary regenerative and therapeutic biopharmaceutical products processed from donated placental tissues. "Innovations in Regenerative Medicine" is the framework behind our mission to give physicians products and tissues to help the body heal itself. We process the human placental tissue utilizing our proprietary PURION® Process among other processes, to produce safe and effective allografts. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization. MiMedx is the leading supplier of placental tissue, having supplied over 800,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.
Safe Harbor Statement
This press release includes statements that look forward in time or that express management's beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the the positive outcomes and improvements in patient care produced by MiMedx products, the Company's belief that the focus on clinical and cost effectiveness by both the Company and Vizient has contributed to the Company's rapid growth and success with Vizient. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include that the results achieved utilizing MiMedx products may vary, the focus on clinical and cost effectiveness by MiMedx may not have contributed to the Company's rapid growth and success with Vizient or may not continue to result in growth and success with Vizient, MiMedx allografts may not continue to be cost effective, and the risk factors detailed from time to time in the Company's periodic Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended December 31, 2016. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the federal securities laws.
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SOURCE MiMedx Group, Inc.
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