UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement |
On December 7, 2022, MiMedx Group, Inc. (“MIMEDX” or the “Company”) entered into a Platform Intellectual Property License (the “License Agreement”) with Global Health Solutions, Inc. (d.b.a. Turn Therapeutics or “Turn”), providing MIMEDX an exclusive, worldwide sublicensable license to use Turn’s proprietary antimicrobial technology platform (PermaFusion®) to develop antimicrobial line extensions and new products. PermaFusion is petrolatum-based, liquid-in-oil suspension technology that involves the creation of nanodroplets without binding agents or emulsifiers and also includes a process to coat materials with antimicrobial-infused petrolatum. Turn’s intellectual property estate includes “mixing” and “coating” intellectual property and provides protection up to 20 years. MIMEDX expects to use this technology in the development of new products for its Wound & Surgical business. In addition, MIMEDX is acquiring the commercial rights to Turn’s particulate collagen matrix product, FleX™ AM, contingent upon Turn’s receipt of US Food and Drug Administration (“FDA”) 510(k) clearance, which is expected in 2023. FleX AM is an absorbent, particulate bovine collagen powder product that incorporates antimicrobial properties to neutralize absorbed microbes and prevent proliferation. Under the terms of the License Agreement, MIMEDX has exclusive rights to use the Turn intellectual property in the wound care, burn, and surgical fields. Turn will receive an upfront cash payment of $1 million from MIMEDX and is entitled to future payments upon the meeting of regulatory and product commercial milestones, including $9.55 million contingent upon Turn obtaining FDA 510(k) clearance for its FleX product, along with royalties on the sales of such products.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MIMEDX GROUP, INC. | ||||||
| Date: December 8, 2022 | By: | /s/ William “Butch” Hulse | ||||
| William “Butch” Hulse EVP, CAO & General Counsel | ||||||