Aziyo Biologics Rebrands as Elutia to Reflect Strategic Focus on Drug Eluting Biomatrices
06 Setembro 2023 - 5:05PM
Aziyo Biologics, Inc. (Nasdaq: AZYO) (“Aziyo”) today announced a
change of the Company’s name to Elutia Inc. The rebranding reflects
the strategic focus to develop and commercialize proprietary
drug-eluting biomatrix technology aimed at improving surgical
outcomes. The name change becomes effective today, September 6,
2023. The Company’s stock will begin trading on Nasdaq under the
new ticker symbol “ELUT” on September 7, 2023.
“We are excited to introduce Elutia, where we
exist to humanize medicine by pioneering drug-eluting biomatrix or
DEB technology,” said Dr. Randy Mills, President and Chief
Executive Officer of Elutia. “There is a clear need in surgery for
the power of local drug delivery paired with the wound healing
benefits of biological materials. Our first new product will be for
the pacemaker and implantable defibrillator markets where surgical
complications have devastating consequences for patients.”
Currently, Elutia is a commercial-stage company
that serves two major markets with established products based on
its proprietary biomatrix platforms. The first is the CanGaroo®
Envelope, which is used for the stabilization of implantable
cardiac devices such as pacemakers and defibrillators. Elutia is
building on this foundation with the development of CanGaroo® RM,
which adds the powerful antibiotics rifampin and minocycline for
sustained delivery directly to the surgical site. The product is
expected to launch next year and would be the first DEB in a market
valued at $600 million. Following its introduction, expansion into
neurostimulator markets, including pain management, is expected to
drive further growth.
The second is SimpliDerm® Acellular Dermal
Matrix, used primarily in breast reconstruction following
mastectomy. Post-operative infection rates for this procedure
exceed 10%, underscoring the clear unmet medical need in a market
estimated at over $500 million. To address this, Elutia is
developing SimpliDerm® RM incorporating our proprietary DEB
technology.
About Elutia
Elutia develops and commercializes biologic
products to improve compatibility between medical devices and the
patients who need them. With a growing population in need of
implantable technologies, Elutia’s mission is humanizing medicine
so patients can thrive without compromise. For more information,
visit www.Elutia.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements can be identified
by words such as “projects,” “may,” “will,” “could,” “would,”
“should,” “believes,” “expects,” “anticipates,” “estimates,”
“intends,” “plans,” “potential,” “promise” or similar references to
future periods. All statements contained in this press release that
do not relate to matters of historical fact should be considered
forward-looking statements, including any statements and
information concerning our expectations for our focus on
drug-eluting biomatrix technology aimed at improving surgical
outcomes. Forward-looking statements are based on management’s
current assumptions and expectations of future events and trends,
which affect or may affect our business, strategy, operations or
financial performance, and actual results may differ materially
from those expressed or implied in such statements due to numerous
risks and uncertainties. Forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified, and other important factors that may cause
actual results, performance or achievements to differ materially
from those contemplated or implied in this press release,
including, but not limited to: risks associated with shifting focus
to our drug-eluting biomatrix solutions in the cardiovascular and
breast reconstruction areas and away from our Orthopedics business;
risks regarding the ability to successfully execute or realize the
anticipated benefits under our distribution arrangements with
LeMaitre Vascular and Sientra; our inability to generate sufficient
revenue to achieve or sustain profitability; adverse changes in
economic conditions and instability and disruption of credit
markets; our ability to continue as a going concern; our ability to
successfully execute or achieve expected benefits from a
divestiture of our Orthopedics business; our products and our
ability to enhance, expand, develop and commercialize our product
offerings; the impact on our business of the recall of a single lot
of our FiberCel product and the discontinuation of its sales by our
distribution partner; consequences of our recall of a single lot of
one of our viable bone matrix products and market withdrawal of all
of our viable bone matrix products; our dependence on our
commercial partners; the impact of the bankruptcy of Surgalign
Holdings, Inc., a significant customer of the Company, on our
future revenues; physician awareness of the distinctive
characteristics, and acceptance by the medical community, of our
products; the ability to obtain regulatory approval or other
marketing authorizations; and our intellectual property rights, and
other important factors which can be found in the “Risk Factors”
section of Elutia’s public filings with the Securities and Exchange
Commission (“SEC”), including Elutia’s Annual Report on Form 10-K
for the year ended December 31, 2022, as such factors may be
updated from time to time in Elutia’s other filings with the SEC,
including Elutia’s Quarterly Reports on Form 10-Q, accessible on
the SEC’s website at www.sec.gov and the Investor Relations page of
Elutia’s website at https://investors.elutia.com. Because
forward-looking statements are inherently subject to risks and
uncertainties, you should not rely on these forward-looking
statements as predictions of future events. Any forward-looking
statement made by Elutia in this press release is based only on
information currently available and speaks only as of the date on
which it is made. Except as required by applicable law, Elutia
expressly disclaims any obligations to publicly update any
forward-looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Investors:Matt SteinbergFINN
Partnersmatt.steinberg@finnpartners.com
Elutia (NASDAQ:ELUT)
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