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There is more to do and we are committed to sustained progress. We are relentless in our efforts to demonstrate performance and meaningfully enhance shareholder value. We will continue to include shareholder input and constructive feedback in our strategic decision-making.
We also are committed to responsible business practices and the highest ethical standards, with integrity as a critical component of our core values. In the months leading up to this year’s Annual Meeting, information from outside parties presented factually erroneous statements, misrepresented our progress, and distorted our future plans. We encourage you to review the information that MIMEDX directly reports. It is important to set the record straight that MIMEDX has never used expired products in our clinical trials. The Company has repeatedly acknowledged, based on a thorough root-cause analysis, the potency of the investigational product used in its Phase 2B Knee Osteoarthritis study faded as it aged. The Company is confident in its manufacturing processes and proprietary tissue engineering know-how and has a clear path forward. It is unfortunate this kind of information was distorted and disseminated. Knowingly using expired products in any clinical setting is something MIMEDX has never done and will never do.
Our forward momentum is future-focused. It has taken years of hard work to establish the Company’s now solid foundation. As we reflect on our Company today, we are proud of the significant progress we have made and hold a clear strategic vision for our future with a restored Company reputation. We have the opportunity to reinvigorate our Product Vitality Index, optimize the value of our placental biologics pipeline asset, and expand our business in support of our mission to improve people’s health and lives through innovation, as well as create significant value for all shareholders. Our Board and management team remain confident in the steps we are taking to enhance the value of MIMEDX. We are determined and forward-thinking, and invite you to share in our optimism about the next phase of growth.
Thank you for your support of MIMEDX and the trust you have placed in our team to protect and enhance your investment. We look forward to sharing our continued progress with you.
Sincerely,
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Timothy R. Wright
MIMEDX Chief Executive Officer
Important Cautionary Statement
This letter includes forward-looking statements. Statements regarding: (i) our confidence in the steps we are taking to enhance the value of MIMEDX; (ii) our plans for product launches in 2022 and beyond; (iii) our belief that we are well positioned to operationalize our launch of EPIFIX upon obtaining reimbursement approval in Japan; (iv) our belief that our realigned business structure provides a solid foundation to further expand, innovate, and drive sustained growth, and that we are poised for greater success; and (v) our never knowingly using expired products in any clinical setting in the future. Additional forward-looking statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “goal,” “outlook,” “potential,” “will,” “preliminary,” and similar expressions, and are based on management’s current beliefs and expectations.
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