© Reuters.
MARIETTA, Ga. – MiMedx Group, Inc. (NASDAQ:MDXG), a leader in the development and marketing of regenerative and therapeutic biologics, has announced an exclusive agreement with TELA Bio (NASDAQ:), Inc. to commercialize a bovine-derived collagen matrix product.
This agreement, which involves an initial payment of $5 million with additional future payments tied to sales, allows MiMedx to expand its product offerings in the advanced wound care and surgical sectors.
The product, which has received 510(k) clearance, is designed for the management of wounds that exude moderate to high levels of fluid, including pressure ulcers, venous stasis ulcers, diabetic ulcers, and partial-thickness burns.
It also has applications for controlling minor bleeding in acute wounds such as those from trauma or surgery. The collagen matrix can be molded or packed to fit a variety of wound types, providing a dressing that supports cellular adhesion, migration, and overall wound healing.
Joseph H. Capper, CEO of MiMedx, expressed enthusiasm for the partnership with Regenity Biosciences, the developer and manufacturer of the collagen product, highlighting the strategic fit with MiMedx’s long-term growth plan and the opportunity to meet the needs of a broader customer base.
The partnership is expected to bolster MiMedx’s competitive position in the wound and surgical markets by adding a complementary product to its portfolio. The company continues to explore strategic opportunities to diversify its product offerings organically and through partnerships or acquisitions.
MiMedx, with a vision of being the leading global provider of healing solutions, is known for its decade-plus experience in managing chronic and hard-to-heal wounds. TELA Bio brings to the table its focus on soft-tissue reconstruction solutions that minimize long-term exposure to permanent synthetic materials.
This press release statement provides the basis for the information reported herein.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
