ALACHUA, Fla., Aug. 25, 2014 (GLOBE NEWSWIRE) -- via PRWEB - AxoGen, Inc. (NASDAQ: AXGN), a leading medical technology company focused on the peripheral nerve repair market, reported today that John McLaughlin, President and Chief Executive Officer of PDL BioPharma, Inc. has resigned from AxoGen's Board of Directors.
Mr. McLaughlin joined AxoGen's Board in 2012 as part of the Revenue Interest Purchase Agreement between AxoGen and PDL. At this time, PDL is not appointing a replacement for Mr. McLaughlin. As a result, the number of Directors has been reduced from eight to seven.
"It has been a great honor and pleasure to serve on the AxoGen Board. During the past two years, AxoGen has made great strides including 47% sales growth in the most recently reported quarter. AxoGen is an impressive company with medically important products that are of increasing commercial significance, an experienced management team whose execution is creating and will continue to create shareholder value, and a Board of Directors composed of knowledgeable and successful industry and healthcare veterans dedicated to the company's success," said Mr. McLaughlin. "I look forward to closely following the Company's future development."
AxoGen Board Chairman Jamie Grooms commented, "AxoGen continues to drive a paradigm change in the way surgical nerve repair is performed. During John's tenure the Company has generated double digit growth and achieved many significant milestones. We would like to extend our sincere gratitude to John for his service to the Board, and his insights and leadership. In addition, we would like to thank PDL for its continued support of our development."
About AxoGen, Inc.
AxoGen (NASDAQ: AXGN) is a leading medical technology company dedicated to peripheral nerve repair. AxoGen's portfolio of regenerative medicine products is available in the United States, Canada and several other countries and includes Avance® Nerve Graft, the only off-the-shelf commercially available processed nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site, AxoGuard® Nerve Connector, a porcine submucosa extracellular matrix ("ECM") coaptation aid for tensionless repair of severed nerves, and AxoGuard® Nerve Protector, a porcine submucosa ECM product used to wrap and protect injured peripheral nerves and reinforce the nerve reconstruction while preventing soft tissue attachments.
Avance® Nerve Graft is processed in the United States by AxoGen. AxoGuard® Nerve Connector and AxoGuard® Nerve Protector are manufactured in the United States by Cook Biotech Incorporated, and are distributed worldwide exclusively by AxoGen. AxoGen maintains its corporate offices in Alachua, Florida and is the parent of its wholly owned operating subsidiary, AxoGen Corporation.
Cautionary Statements Concerning Forward-Looking Statements
This Press Release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "projects", "forecasts", "continue", "may", "should", "will" variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements regarding our growth, our product development and product potential. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this release should be evaluated together with the many uncertainties that affect AxoGen's business and its market, particularly those discussed in the risk factors and cautionary statements in AxoGen's filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made, and, except as required by law, AxoGen assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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