MiMedx enters agreement with TELA Bio for fibrillar collagen wound dressing

MiMedx Group (MDXG) has entered into an agreement with TELA Bio (TELA) to obtain exclusive rights to its manufacturing and supply agreement with Regenity Biosciences that will enable the Company to add xenograft products to its portfolio of Advanced Wound Care and Surgical solutions. As part of the manufacturing and supply agreement, MIMEDX will immediately add a 510(k) cleared, bovine-derived collagen matrix product indicated for the management of moderately to heavily exudating wounds and to control minor bleeding to its portfolio. The collagen in this product serves as a dressing that allows for cell adhesion and migration into the wound site and supports wound healing. It is provided in particulate form allowing it to be molded or packed to conform to various wound types such as pressure ulcers, venous stasis ulcers, diabetic ulcers, acute wounds, for example trauma and surgical wounds, and partial-thickness burns. Under the terms of the agreement with TELA Bio, MIMEDX will make an initial $5M payment and additional future payments aggregating between a minimum of $3M and a maximum of $7M based on net sales of the bovine-derived collagen matrix product over the next two years.