Prescience Point Capital Launches Proxy Fight To Change MiMedx's Board
Prescience Point Capital is trying to reshuffle the board of directors leading regenerative medicine company MiMedx, arguing the company’s current board has destroyed shareholder value. The company's tock is selling for about a third of its potential value, according to Prescience.
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The C-suite leaders schemed to falsely record shipments of unwanted products to distributors as sales so the company could meet revenue projections, the government charged.
Wound care company MiMedx has raised $150m in private equity and debt financing from EW Healthcare Partners and Hayfin Capital Management. The funds will be used to scale commercialization of the company’s amniotic tissue products.
The company has developed a technology that uses engineered DNA to reprogram cancer cells, forcing them to produce substances that could be used to help image, detect or even destroy them.