MiMedx Confirms Receipt of Director Nominations from Prescience Point Capital Management

No Shareholder Action Required at This Time

MARIETTA, Ga., April 16, 2021 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (NASDAQ: MDXG) (“MiMedx” or the “Company”), an industry leader in utilizing birth tissue as a platform for regenerative medicine, today confirmed that Prescience Point Capital Management (“Prescience Point”) submitted a notice of nomination of Eiad Asbahi, Alfred G. Merriweather, Charlotte E. Sibley and William F. Spengler candidates to stand for election to MiMedx’s Board of Directors at the Company’s 2021 Annual Meeting of Shareholders, scheduled for May 27, 2021.

MiMedx issued the following statement:

“The MiMedx Board is made up of nine talented, experienced and highly engaged directors who are strongly committed to acting in the best interest of all MiMedx shareholders. As part of this commitment, the Board maintains a consistent and open dialogue with the Company’s shareholders, including Prescience Point. It is unfortunate that Prescience Point is pursuing a potentially costly and distracting proxy contest instead of working constructively with the MiMedx Board.

“Among the directors Prescience Point is seeking to replace are our Board Chair, M. Kathleen Behrens, Ph.D. and our Audit Committee Chair, K. Todd Newton – both of whom were nominated by Prescience Point and elected by MiMedx shareholders in 2019. Dr. Behrens and Mr. Newton have both been outstanding leaders on the Board, making significant contributions to our successful turnaround and to the creation of additional shareholder value, as demonstrated by the Company’s 148% stock price increase since they were elected to the Board at the Annual Meeting on June 17, 2019 and 70% increase since the relisting of the Company’s common stock on The Nasdaq Stock Market on November 4, 2020.

“In addition, Prescience Point is aiming to remove Timothy R. Wright, the Company’s Chief Executive Officer, and Phyllis Gardner, M.D., who was just appointed to the Board of Directors in March 2021.

“Under this Board’s stewardship, the MiMedx management team is executing on its strategy and driving enhanced shareholder value following a deeply tumultuous period in our Company’s history. Over the course of 2020, MiMedx successfully implemented a number of governance, operational and financial initiatives that were critical to restoring the Company’s integrity, improving business liquidity, and transforming the culture of the organization. Among these actions was the appointment of Dr. Gardner to the Board, whose insight, perspective and strategic expertise are invaluable as we propel our late-stage pipeline toward biologic registration. The investments we are making in people, resources, and strategic initiatives will also position us to accelerate our late-stage pipeline and achieve our stated top line growth objectives in our core business.