KENNESAW, Ga., Jan. 11, 2012 /PRNewswire/ -- The Board of Directors of MiMedx Group, Inc. (OTCBB: MDXG), announced today that the Board of Directors fully supports the Company's Chairman and CEO, Parker H. "Pete" Petit, despite the action taken today by the Securities Exchange Commission ("SEC").
The SEC has brought a civil action against Mr. Petit alleging that in 2007, when he was Chairman and CEO of Matria Healthcare, Inc. (formerly listed on NASDAQ), he provided inside information to a friend who subsequently purchased Matria Healthcare stock. Mr. Petit's attorneys issued a press release regarding this matter earlier today.
Larry W. Papasan, Chairman of the Nominating and Governance Committee of MiMedx's Board, stated, "The independent members of Board of Directors have reviewed this situation very closely and are not aware of any direct evidence that would implicate Mr. Petit in any wrongdoing. There is no assertion of any issues on the part of MiMedx, and the independent directors believe that Mr. Petit can continue his able leadership of MiMedx while dealing with this personal, civil matter. Mr. Petit is a great leader and an outstanding business executive. His lifelong legacy of business accomplishments, civic involvement and philanthropy is exemplary and representative of the highest moral and ethical standards. The Board believes Mr. Petit is deserving of every benefit of the doubt, and, barring unforeseen circumstances or material new developments, looks forward to many more years in which MiMedx and its shareholders will benefit from his leadership and vision.""The MiMedx Board of Directors and management team are keenly focused on the exciting opportunities ahead of our Company and will continue to dedicate all of our resources to fulfilling our potential," added Papasan. About the Company MiMedx® is an integrated developer, manufacturer and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. " Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal itself. Our biomaterial platform technologies include the device technologies HydroFix® and CollaFix™, and our tissue technologies, AmnioFix® and EpiFix®. Our tissue technologies, processed from the human amniotic membrane, utilize our proprietary Purion® process that was developed by our wholly-owned subsidiary, Surgical Biologics, to produce a safe, effective and minimally manipulated implant. Surgical Biologics is the leading supplier of amniotic tissue, having supplied over 60,000 implants to date to distributors and OEMs for application in the Ophthalmic, Orthopedics, Spine, Wound Care and Dental sectors of healthcare. SOURCE MiMedx Group, Inc.
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