Benzinga | Sep 13, 2021 09:24AM EDT

Why MiMedx Shares Are Diving Today

MiMedx Group Inc (NASDAQ:MDXG) is trading significantly lower Monday after the company announced top-line results from two late-stage musculoskeletal clinical trials.

Top-line results from an interim analysis of the six-month efficacy data for the Phase 2B clinical trial for Knee Osteoarthritis (KOA) did not meet primary endpoints, but revealed varied efficacy signals, prompting the company to plan for confirmatory efficacy studies for the KOA indication.

The Phase 3 clinical trial for the treatment of Plantar Fasciitis did not meet its primary endpoint. MiMedx said it will not pursue a BLA for this indication at this time.

"As a pioneer in amniotic tissue technology, our investigational studies further the science and our understanding of what is possible, and enable us to consider next-generation treatments for these painful and debilitating conditions," said Timothy Wright, CEO of MiMedx.

MiMedx develops and markets regenerative biomaterial products and bioimplants made from the human amniotic membrane, birth tissues and human skin and bone.

MDXG Price Action: MiMedx has traded as high as $15.99 and as low as $5.32 over a 52-week period.

The stock was down roughly 53.60% at $7.20 at time of publication.

Photo: Michal Jarmoluk from Pixabay.