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SOURCE MiMedx Group, Inc.
MARIETTA, Ga., July 14, 2014 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), an integrated developer, processor and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today that the Medicare Administrative Contractor responsible for Jurisdiction H, which has approximately five million beneficiaries in Texas, Oklahoma, Louisiana, New Mexico, Colorado, Mississippi and Arkansas, has revised its Local Coverage Determination (LCD) for bioengineered skin substitutes in the hospital outpatient and physician office settings to include EpiFix®. The revision to the LCD, entitled Bioengineered Skin Substitutes, names MiMedx's wound care allograft, EpiFix, as eligible for Medicare coverage when medically necessary and reasonable, subject to the coverage indications and limitations set forth in the LCD. The revision was published on July 10, 2014, effective for dates of service on or after June 16, 2014.
Parker H. "Pete" Petit, Chairman and CEO, said, "As we discussed in our shareholder call on April 25, 2014, the contractor for Jurisdiction H previously had issued a draft consolidated LCD under which all skin substitutes with a Q-code were eligible for coverage if the case met the medically necessary and reasonable threshold. This LCD was to go into effect on March 27, 2014. On the effective date, the draft LCD was rescinded, and the contractor reverted to the previous LCD. The previous Jurisdiction H LCD covered only a few named skin substitutes and did not include coverage for EpiFix. In the update issued on July 10, 2014, the contractor has added EpiFix as a covered product. EpiFix was the only product added in that update. We are very pleased that EpiFix has been included in the revised LCD for this Medicare jurisdiction."
Bill Taylor, President and COO, commented, "EpiFix is currently eligible for coverage and reimbursement by approximately 200 payers, including 20 Blue Cross Blue Shield plans, all of the Medicare MACs, and over 20 State Medicaid plans."
MiMedx® is an integrated developer, processor 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 AmnioFix® and EpiFix®, our tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through our donor program, mothers delivering full-term Caesarean section births can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® Process, to produce a safe and effective implant. MiMedx® is the leading supplier of amniotic tissue, having supplied over 250,000 allografts to date for application in the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental sectors of healthcare.
Safe Harbor Statement
This press release includes statements that look forward in time or that express management's beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the eligibility for coverage and reimbursement of the Company's EpiFix product. These statements are based on current information and belief, and are not guarantees of future performance. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include changes in reimbursement policies and the risk factors detailed from time to time in the Company's periodic Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended December 31, 2013. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the federal securities laws.
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