MiMedx To Report Key Data This Summer

(RTTNews) - Shares of MiMedx Group Inc. (MDXG) have more than doubled from their 52-week low of $5.32, recorded last November, to trade around $13. MDXG touched a 52-week high of $14.27 in intraday trading yesterday.

MiMedx Group, whose base business is advanced wound care, derives its products from human placental tissues and processes these tissues using its proprietary processing methods, including the Purion process.

The company supplies human placental allografts, which are human tissues that are derived from one person (the donor) and used to produce therapies to treat another person. These products are sold mostly in the U.S., with advanced wound care applications, including burn treatment and lower extremity surgeries, being the primary areas of clinical use.

MiMedx' platform technologies include AmnioFix, EpiFix, EpiCord, AmnioCord and AmnioFill.

The company also has a late-stage pipeline targeted at decreasing pain and improving function for patients with degenerative musculoskeletal conditions.

Micronized dehydrated Human Amnion/Chorion Membrane (mdHACM) Injection, the lead product candidate, is being explored in the indications of plantar fasciitis, knee osteoarthritis, and Achilles tendonitis.

A phase III trial of Micronized dehydrated Human Amnion Chorion Membrane (dHACM) injection in the treatment of plantar fasciitis is underway. Enrollment in this trial was completed last September.

Plantar fasciitis is an all-too-common, debilitating and painful foot condition caused due to collagen degeneration of the plantar fascia, i.e., the ligament connecting the heel to the front of the foot.

Micronized dehydrated Human Amnion Chorion Membrane injection is also under a phase IIb trial in the treatment of Knee Osteoarthritis.

The company is on track to share topline results for its Plantar Fasciitis and Knee Osteoarthritis programs by late summer.

Earlier this month, MiMedx reported financial results for the second quarter ended June 30, 2021.

Net loss for the second quarter of 2021 shrunk to $1.8 million or $0.03 per share from $8.5 million or $0.08 per share for the prior year period. Adjusted net sales, which exclude impacts of the change in the company's methods for recognizing revenue, were $67.9 million for the second quarter 2021, compared to $51.9 million for the year-ago quarter.

Cash position:

As of June 30, 2021, the company had $85.0 million of cash and cash equivalents.

MDDXG has traded in a range of $5.32 to $14.27 in the last 1 year. The stock closed Thursday's trading at $13.89, up 0.07%.