Metro Atlanta's MiMedx to spin out subsidiary to focus on biopharma
Tuesday, August 22, 2017 12:00 AM

Marietta-based MiMedx Group, Inc. (NASDAQ: MDXG) has signed an agreement to divest the company's subsidiary, Stability Biologics LLC, back to its original stockholders.

MiMedx's said its transition into a biopharmaceutical company was an impetus for this divestiture initiative.

MiMedx was founded in 2008 by serial Atlanta entreprenuer Pete Petit.

MiMedx was founded in 2008 by serial Atlanta entreprenuer Pete Petit. 

MiMedx Group is developing and marketing regenerative and therapeutic biologics with human placental tissue allografts and patent-protected processes for multiple sectors of health care. In January of 2016, the company acquired Stability Biologics, which developed and processed bioactive bone graft products and tissue allografts. MiMedx disclosed that it acquired Stability Biologics with a combination of cash and stock paid at closing, with future contingent consideration to be paid through a two-year earn-out arrangement.

MiMedx CEO Parker "Pete" Petit, said in a press release that Stability Biologics' business is not a strategic fit with the company's new focus on biopharmaceuticals.

"We remain very confident in our growth trajectory continuing and in our ability to meet or exceed the revenue projections we have previously set for 2017," Petit said in a press release. He added that as of July 26, the company raised its annual revenue guidance to the range of $309 million to $311 million. "Assuming this transaction closes in the third quarter, we will maintain our full year revenue guidance. Even without the Stability Biologics revenue contribution in the fourth quarter, we are confident in our ability to meet our increased revenue guidance for the year...

"... While we believe the potential of Stability Biologics products continues to be significant, we expect to have better return on investment (ROI) opportunities in biopharma compared to those in the cadaver tissue category," Petit added in the release. "A major incentive for the MiMedx acquisition of Stability Biologics was its independent sales representative organization. As part of the transaction, MiMedx will retain access to this sales rep organization via a distributor agreement with Stability. This group of sales reps will continue to focus on certain areas of our surgical business."

T3 Labs sets gold standard in preclinical testing for CorAmi
Thursday, August 17, 2017 12:00 AM

With preclinical help from T3 Labs and the support of experts within the Atlanta medtech ecosystem, Dr. Rebecca Levit and her team is revolutionizing drug delivery for Atrial Fibrillation.

Dr. Rebecca Levit

Dr. Levit is Assistant Professor of Cardiology at Emory University in Atlanta, GA and adjunct faculty in the Department of Biomedical Engineering at the Georgia Institute of Technology. She is also the Chief Scientific Officer of CorAmi Therapeutics. CorAmi is working in partnership with Emory University to develop a combination hydrogel delivery catheter and therapeutic hydrogel focused on cardiac applications, leading with a treatment for AF.

Dr. Levit engaged regional medtech industry resources early in order to streamline the considerable developmental pathway for a Class III device: including GCMI and its subsidiary T3 Labs.

Medtech innovation requires a healthy ecosystem
“The resources here are endless,” she says. “Between meetings with multiple electrophysiologists from Emory and PhDs from Georgia Tech, administrative support and animal study expertise at T3, guidance from the Emory/Georgia Tech Coulter Translational Partnership Fund, working with SEMDA, securing office space at GCMI (not to mention utilizing their fabrication equipment), and funding from multiple organizations, there must be more than 100 people in this area who have touched this product. Needless to say, we are appreciative of the ecosystem!”

Team testing the CorAmi device in the T3 Labs Cathlab (from L to R) : Dr. Gautam Kumar, Dr. Andres Garcia, Peter Campbell, Juline Deppen, Dr. Jose Garcia, Dr. Rebecca Levit

What would you tell a physician innovator in your position when you started?
“Other physician innovators should understand the work it is going to take and that there are some elements that no one can do for you. They can’t write the grant, present the poster or network with people. It takes time and you need to be willing to give that time up. It also takes an ecosystem. This is not at all possible without a healthy medtech development ecosystem. Know that medtech innovation is impossible to do by yourself.”

You can read the full story here.

If you are a physician innovator, researcher, or medical device company of any size, and want to bring your new product to life as efficiently as possible, T3 Labs and GCMI can help from concept to cure through design & development, preclinical testing, bioskills training to commercialization. Contact us today. 

The photo of Dr. Rebecca Levit, as well as the CorAmi catheter, were taken by Emory Photo.

Bard Shareholders Approve Proposed Merger With Becton, Dickinson
Monday, August 14, 2017 01:43 PM

MURRAY HILL, N.J. and FRANKLIN LAKES, N.J., Aug. 8, 2017 /PRNewswire/ -- C. R. Bard, Inc. (NYSE: BCR) ("Bard") and Becton, Dickinson and Company (NYSE: BDX) ("BD") today announced the results of Bard's special meeting of shareholders, held on August 8, 2017 and at which a quorum was present, for Bard shareholders to consider and vote upon the proposed merger of Bard with BD. Bard shareholders approved the definitive merger agreement, with approximately 99% of shares voting cast in favor of the proposal.


As previously announced on April 23, 2017, Bard and BD entered into a definitive agreement pursuant to which BD would acquire Bard in a stock and cash transaction. Bard shareholder approval was a condition to the transaction. The proposed transaction remains subject to certain other conditions and approvals, and is presently expected to close in the fourth calendar quarter of 2017.


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Georgia State names football field for Atlanta business leader Pete Petit
Tuesday, August 08, 2017 01:44 PM

Georgia State University said Tuesday it will name its new football field at Georgia State Stadium -- formerly Turner Field -- in honor of Atlanta businessman Parker H. “Pete” Petit.

Petit is chairman and CEO of Marietta, Ga.-based MiMedx Group Inc. (Nasdaq: MDXG), a maker of biomaterial products and bioimplants processed from human placental tissue, skin and bone. A serial entrepreneur and long-time supporter of the university, he has made a $10 million gift to the university to support the athletics program.

MiMedx was founded in 2008 by serial Atlanta entreprenuer Pete Petit.

MiMedx was founded in 2008 by serial Atlanta entreprenuer Pete Petit. 

“Pete Petit has been a long-time generous benefactor of Georgia State,” Mark P. Becker, president of Georgia State, said in a statement, “and his impact on our university cannot be overstated. We are extremely proud to name the playing field in Georgia State Stadium in his honor.”

Georgia State is holding separate talks over naming rights for the stadium itself, but that deal could be months away.

Petit has long-standing ties to Georgia State. He earned his MBA in finance in the university’s J. Mack Robinson College of Business and is chair of the steering committee for Georgia State’s $300 million Burning Bright fund-raising campaign. He has been a generous supporter of the university over the years, giving $5 million to build the Parker H. Petit Science Center and making gifts to the Robinson College and athletics. To read a 2009 Atlanta Business Chronicle profile of Petit, click here.

“This field and stadium are just one of the many successes Georgia State has accomplished in a matter of a few years,” Petit said in a statement. “Georgia State is destined to become one of the most respected urban universities in this country because of this series of successes, which have been a result of its leadership.” Read the full announcement here.

ATDC Companies See Record Investment Year So Far
Friday, August 04, 2017 12:00 AM

If there’s one area of the Atlanta startup ecosystem lagging behind the growth of the rest, it’s local capital. Talent, startup activity, public support for entrepreneurship, and corporate innovation are all consistently strong, but the region lacks the investment resources of many of its fellow top-ranked Global Cities.

But investment activity in the city may be picking up. One sign is just-released figures by the Advanced Technology Development Center (ATDC), the state of Georgia’s technology incubator and the oldest startup incubator in the country, which shows that its portfolio companies raised more than double the amount of capital in the first half of 2017 than in the comparable period a year ago.

From January to June 2017, ATDC startups raised more than $50 million in Seed and Series A funding. That’s an over 145 percent increase from the $20.6 million raised during the same amount of time in 2016.

“Both local and out-of-state early stage investors (Seed and Series A) are gaining more confidence and taking higher risks on Georgia-based companies. More money is flowing into Atanta than ever before,” says ATDC investor relations manager Michael Maziar. “Because our companies are getting stronger, the deal sizes are getting larger. Outside investors spur local investors and vice versa.”

ATDC, which is based at Georgia Tech but has six locations throughout the state, helps facilitate those investor connections for its startups through an Invest Connect program, says Mazier.

“We proactively facilitate connections between our companies and the investment community in Georgia and throughout the U.S.,” says Maziar. Those connections include hosting meetings for investors and companies at ATDC, as well as traveling with 11 startups to Silicon Valley for meetings and pitches with over 30 venture capitalists and firms.

Much of the investment activity was for startups in the region’s traditionally-strong fields, such as Fintech. Just two Fintech companies — First Performance and Greenlight — raised $25 million.

“Being a part of ATDC has been critical to Greenlight’s growth,” says Tim Sheehan, CEO of Greenlight. The incubator facilitated a meeting with a firm that contributed to their $7.5 million Series A raise.

Startups in the healthcare, manufacturing, and predictive analytics industries also raised capital.

“Being a part of ATDC and the coaching we received set the foundation to help us build a great business,” says Amari Ruff, CEO of logistics technology company Sudu. Sudu recently joined the ranks of ATDC’s Signature companies, the top tier of the program.

“If we weren’t a part of this program, we wouldn’t be where we are today,” says Ruff.

Article originally appeared on Hypepotamus.

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