Biotech firm to raise $10M

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The company, which went public (OTCBB: MDXG) through a reverse merger in February 2008, plans to raise an initial $5 million by year-end, which it will be use to commercialize a polyvinyl alcohol (PVA) polymer. That Food and Drug Administration-cleared product, expected to hit the market next month, may be used as a blood vessel guard to protect against scar-tissue formation after surgery.

MiMedx is also developing a proprietary collagen-based fiber that act as platforms or “scaffolds” on which a patient’s tissue grows during the healing process to achieve healthy tissue reconstruction without major scarring. That technology is expected to hit the market by the end of the second quarter of 2010.

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