Mimedx Provides Update on Previously Announced Senior Executive Separations
Mr. Petit is the Company's former Chairman and Chief Executive Officer; Mr. Taylor is the Company's former President and Chief Operating Officer and a former member of the Board; Mr. Senken is the Company's former Chief Financial Officer and principal accounting officer; and Mr. Cranston is the Company's former Vice President, Corporate Controller and Treasurer. Messrs. Petit and Taylor resigned as officers of the Company effective
As a result of findings related to the conduct of the Separated Employees, the Board and the Compensation Committee, as the administrators of the
In addition, the Board and the Compensation Committee have determined that action shall be taken to recover compensation previously paid to the Separated Employees pursuant to the Plans and the Company's Compensation Recoupment Policy, based upon the final results of the Company's restatement of its previously issued consolidated financial statements and financial information.
Additionally, the Board announced that Mr. Petit has resigned as a member of the MiMedx Board, effective immediately.
"The Board is taking the necessary steps to prepare
The Audit Committee is working with its advisors to complete the investigation expeditiously and has made significant progress. The investigation is ongoing, and there may be other actions taken based, at least in part, on information from the investigation. The Company is also working to prepare its financial statements for audit and regain compliance with its
MiMedx® is a leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. "Innovations in Regenerative Medicine" is the framework behind the Company's mission to provide physicians products and tissues to help the body heal itself. The Company processes the human placental tissue utilizing its proprietary PURION® Process methodology, among other processes, to allografts by employing aseptic processing techniques in addition to terminal sterilization.
Safe Harbor Statement
This press release includes forward-looking statements including statements regarding the Audit Committee's independent investigation and any actions that may arise in connection therewith. Forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," "would" and similar expressions and are based on current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements.
Actual results may differ materially from those set forth in the forward-looking statements as a result of various factors, including, without limitation, uncertainties relating to the outcome of the Audit Committee's investigation. For more detailed information on the risks and uncertainties that may apply to the Company's business and the ownership of Company common stock, please review the Risk Factors section of the Company's most recent annual report filed with the
Robert P. Borchert, Vice President, Investor Relations, 770-651-9383, email@example.com