ALACHUA, FL – September 20, 2013 – AxoGen, Inc. (NASDAQ: AXGN), a leading regenerative medicine company focused on the commercialization of technologies for peripheral nerve reconstruction, protection and regeneration, today announced the publication of a new independent research report by Magellan Medical Technology Consultants, Inc. (“MMTC”) on the US peripheral nerve repair market.
The report, which involved primary research via an online survey of nerve repair surgeons plus analysis of publicly available emergency room data and reimbursement data, determined the current size of the peripheral nerve injury repair device market for transected nerves in the United States to be between $1.32 and $1.93 billion per year, with an average of about $1.68 billion per year.
The report provides insight into the importance of transected nerve gap length, noting that each millimeter of nerve gap separation represents greater repair challenges and more complicated treatment decisions. It also emphasizes that there are different approaches to treating transected nerves of varying gap lengths. Researchers examined the distribution of transected gap lengths defined by the surgeons in relation to the surgeons’ decision making process for repair approach to develop a three tiered gap-length treatment model: No/Short Gap (0 –9 mm), Small Gap (9 – 20 mm) and Long Gap (greater than 20 mm).
Jill Schiaparelli, Senior Vice President of Business Strategy & Marketing at AxoGen said, “AxoGen is delighted to see independent validation of the sizable nerve repair market in the United States. Based on the conclusions of this report for the transected nerve repair market, combined with our data on the wrapping and OMF markets, the total current peripheral nerve repair market would be approximately $2.4 billion in the US. We are excited that we are participating in a market with such large opportunity and able to provide new options for patients and surgeons. “
The full report is available on the MMTC website at http://magellanmed.com/recent-studies. AxoGen provided sponsorship for a portion of the research.
About Magellan Medical Technology Consultants, Inc.
Magellan Medical Technology Consultants is a full service consulting organization focused exclusively on the medical technology industry. Magellan provides project teams to assist clients in the areas of: Market Research, Sales Support, Marketing, Regulatory, Reimbursement and Clinical Research. Magellan uses an employee based business model that has been proven to provide more consistent, focused solutions than a loose association of independent contractors.
About AxoGen, Inc.
AxoGen (NASDAQ: AXGN) is a leading regenerative medicine company dedicated to advancing the science and commercialization of peripheral nerve repair solutions. The Company’s innovative approach to regenerative medicine has resulted in first-in-class products that we believe will define their product categories. AxoGen’s products offer a full suite of surgical nerve repair solutions including 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.
AxoGen is the parent of its wholly owned operating subsidiary, AxoGen Corporation. AxoGen’s principal executive office and operations are located in Alachua, FL. For more information on AxoGen and its technology, please visit www.AxoGenInc.com.
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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 our ability to maintain the listing of our common stock 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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of the registration statement and the final prospectus.
Contact:
AxoGen, Inc.
Greg Freitag, Chief Financial Officer & General Counsel
386.462.6856
InvestorRelations@AxoGenInc.com
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