AxoGen, Inc. (LECT) Receives Product Innovation Leadership Award From Frost & Sullivan
1/6/2014 1:22:30 PM
ALACHUA, FL – January 6, 2014 – AxoGen, Inc. (NASDAQ: AXGN), the only regenerative medicine company completely focused on peripheral nerve repair, has been awarded the 2014 North American New Product Innovation Leadership Award for Peripheral Nerve Repair by the preeminent global research organization, Frost & Sullivan. The award is based on the findings of Frost & Sullivan’s Best Practices Research Team which studied the nearly one million peripheral nerve injury repair procedures performed every year in the United States and recognized AxoGen for developing and commercializing the Avance® Nerve Graft.
The accolade was announced in a press release issued by Frost & Sullivan earlier today, highlighting several unique properties and benefits of AxoGen’s Avance® Nerve Graft and its significance in the peripheral nerve graft repair market. Frost & Sullivan used five criteria to benchmark Avance® Nerve Graft against key competitors:
- Innovative Element of the Product
- Leverage of Leading-Edge Technologies in Product
- Value Added Features/Benefits
- Increased Customer ROI
- Customer Acquisition/Penetration Potential
Each year, Frost & Sullivan presents the New Product Innovation Leadership Award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The company’s analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
“The Frost & Sullivan award is a major achievement for AxoGen given the independent research methodologies used by their organization to evaluate surgical repair options in the peripheral nerve market,” said Karen Zaderej, CEO of AxoGen. “It is our goal to improve the quality of life for patients with peripheral nerve injuries and it is an honor for AxoGen to receive this endorsement of the innovative impact of the Avance® Nerve Graft for nerve repair. “
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. Frost & Sullivan has been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community for more than 50 years.
About AxoGen, Inc.
AxoGen (NASDAQ: AXGN) is a regenerative medicine company based in Alachua, Florida. Founded in 2002, AxoGen is the only company to completely focus on peripheral nerve repair. AxoGen’s portfolio of products are available in the United States, Canada and several European 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, West Lafayette, Indiana, and are distributed exclusively by AxoGen. AxoGen is the parent of its wholly owned operating subsidiary, AxoGen Corporation. AxoGen's principal executive office and operations are located in Alachua, FL.
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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 product commercialization and marketing efforts for its portfolio of peripheral nerve repair products, Avance® Nerve Graft, AxoGuard® Nerve Connector and AxoGuard® Nerve Protector, product development, financial performance, sales growth, product adoption, market awareness of our products, data validation and the intent to list on a national securities exchange. 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 AxoGen assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Greg Freitag, Chief Financial Officer
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