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Hot Stocks
MiMedx appoints Rohit Kashyap as EVP, CCO » 07:47
07/28/20
07/28
07:47
07/28/20
07:47
MDXG

MiMedx

$3.73 /

+ (+0.00%)

MiMedx Group announced…

MiMedx Group announced the addition of Rohit Kashyap, Ph.D., as EVP and chief commercial officer, effective August 3, 2020. Rohit Kashyap, Ph.D. served as the President of Global Commercial at Acelity L.P. since April 2019.

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MDXG MiMedx
$3.73 /

+ (+0.00%)

Over a month ago
Hot Stocks
MiMedx announces concurrent $150M private equity, debt financings » 09:09
07/02/20
07/02
09:09
07/02/20
09:09
MDXG

MiMedx

$3.73 /

+ (+0.00%)

MiMedx Group announced…

MiMedx Group announced the closing of concurrent $150M private equity and debt financings, consisting of an equity financing pursuant to a Securities Purchase Agreement with an entity controlled by EW Healthcare Partners and certain funds managed by Hayfin Capital Management, and a debt financing pursuant to a Loan Agreement with Hayfin. As part of the transaction, EW Healthcare Partners has designated Martin Sutter and William Hawkins III to serve on the Company's board as preferred directors. Under the Securities Purchase Agreement, the Company is issuing shares of a newly created Series B Convertible Preferred Stock for an aggregate purchase price of $100,000,000, with $90,000,000 being made by an entity controlled by EW Healthcare Partners and $10,000,000 being made by Hayfin. The Series B Convertible Preferred Stock, together with any accrued and unpaid dividends thereon, may be converted into Company common stock at any time at a conversion price of $3.85 per share of Company common stock. The Series B Convertible Preferred Stock carries a cumulative annual dividend of 4% for the first 12 months following the closing and 6% thereafter. Under the Loan Agreement, Hayfin is providing MiMedx with a five-year term loan facility in the aggregate principal amount of $50M, the full amount of which is being borrowed and funded, and a one-year, delayed draw term loan facility in the aggregate principal amount of $25M, which is not currently being drawn or funded. The Facilities bear interest at a rate equal to LIBOR plus a margin of 6.75%. The margin will be eligible to decrease to 6.5% or 6.0% after December 31, 2020, based on future total net leverage levels.

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MDXG MiMedx
$3.73 /

+ (+0.00%)

Hot Stocks
MiMedx appoints William Phelan as Chief Accounting Officer » 16:39
05/05/20
05/05
16:39
05/05/20
16:39
MDXG

MiMedx

$0.00 /

+ (+0.00%)

MiMedx Group announced…

MiMedx Group announced the appointment of William Phelan as senior VP and Chief Accounting Officer, effective May 1. Phelan has worked with MiMedx in a consultative capacity for nearly two years. Prior to joining MiMedx, Mr. Phelan was a Managing Director for CFGI.

Over a quarter ago
Hot Stocks
MiMedx announces notice that PPP loan application has been approved » 10:21
04/21/20
04/21
10:21
04/21/20
10:21
MDXG

MiMedx

$0.00 /

+ (+0.00%)

MiMedx Group announced…

MiMedx Group announced that it has received notice from Bank of America that its application for a Paycheck Protection Program loan under the CARES Act has been approved. The company expects to receive the funds from the PPP Loan by the end of the month. In addition, the company has agreed to terms for an amendment to its Loan Agreement, dated as of June 10, 2019, with Blue Torch Finance LLC, to modify certain covenant terms in the original Term Loan Facility. Both the PPP Loan and the Blue Torch amendment would provide the company with the additional capital and financial flexibility needed to support business operations in the midst of the current economic period. Timothy R. Wright, MiMedx CEO, said: "Like other businesses, MiMedx is working to navigate the impacts of the COVID-19 pandemic. The additional capital available through these financing agreements would support the ongoing operations of the Company and reduce risk during this period of economic uncertainty." The PPP Loan application was for the maximum $10M available under the program based on the company's North American Industry Classification System Code, Surgical Appliance and Supplies Manufacturing, and its categorization as a company with less than 750 total employees.

Hot Stocks
MiMedx confirms settlement of VA pricing investigation » 12:32
04/06/20
04/06
12:32
04/06/20
12:32
MDXG

MiMedx

$0.00 /

+ (+0.00%)

MiMedx Group announced…

MiMedx Group announced that it has finalized a settlement with the Department of Justice resolving an investigation concerning the accuracy of commercial pricing disclosures to the United States Department of Veterans Affairs for one of the company's products in connection with the company's Federal Supply Schedule contract, and a related qui tam action filed in Minnesota. The company self-disclosed the matter to the VA Office of Inspector General in November 2018, prior to its knowledge of the qui tam suit or any underlying government investigation and, as DOJ acknowledged in the settlement agreement, the company cooperated with the government's investigation into the matter. Without admitting the allegations the company has agreed to pay $6.5M to the DOJ to resolve the matter. The company previously disclosed that it had accrued an amount to cover the settlement and anticipated related expenses in its recently-released results for the year ended December 31, 2018. CEO Timothy Wright commented, "We are happy to have this investigation behind us. Transparency, cooperation and disclosure are enabling us to resolve historical issues and focus our efforts toward the future. This is another important step in that effort."

Hot Stocks
MiMedx agrees to pay $6.5M to resolve False Claims Act allegations » 12:03
04/06/20
04/06
12:03
04/06/20
12:03
MDXG

MiMedx

$0.00 /

+ (+0.00%)

MiMedx Group will pay…

MiMedx Group will pay $6.5M to resolve allegations that it violated the False Claims Act by knowingly submitting false commercial pricing disclosures to the United States Department of Veterans Affairs, the Justice Department announced. This settlement resolves allegations that MiMedx knowingly submitted false statements and disclosures to the VA regarding MiMedx's commercial pricing practices, enabling MiMedx to charge the VA inflated prices for its human tissue graft products. Prior to the United States' disclosure to MiMedx of its investigation, MiMedx made a disclosure to the VA Office of Inspector General regarding its commercial sales practices. In the settlement, the United States acknowledged MiMedx's cooperation. The allegations resolved by the settlement were first brought in a lawsuit filed by former MiMedx sales representatives under the qui tam, or whistleblower, provisions of the False Claims Act, which permit private parties to sue on behalf of the government for false claims and to receive a share of any recovery.

Hot Stocks
MiMedx announces $1.5M settlement with SEC » 12:52
11/26/19
11/26
12:52
11/26/19
12:52
MDXG

MiMedx

$0.00 /

+ (+0.00%)

MiMedx Group announced…

MiMedx Group announced that it has finalized a settlement with the Securities and Exchange Commission, resolving a previously disclosed investigation into the company's financial accounting practices. The company has agreed to settle with the SEC, without admitting or denying the SEC's allegations, by consenting to the entry of a final judgment, subject to court approval, that permanently restrains and enjoins the company from violating certain provisions of the federal securities laws. As part of the resolution, the company also agreed to pay a civil penalty in the amount of $1.5M. The settlement, if approved by the court, will conclude, as to the company, the matters alleged by the SEC in its complaint. The resolution announced today relates only to the previously disclosed investigation by the SEC, the company said. As previously disclosed, there is a parallel criminal investigation by the United States Attorney's Office for the Southern District of New York involving matters similar to those investigated by the SEC. "The company is cooperating fully with that ongoing criminal investigation," MiMedx stated. CEO Timothy Wright added, "We are focused on our future as a mission-centered healthcare company and are committed to continued implementation of strong financial systems and independent oversight controls, which reflect both sound business practices and an ethical culture. We appreciate the SEC's recognition of our cooperation and remediation efforts as part of this settlement."

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