Axogen Announces Appointment of Rick Ditto as Vice President, Global Health Economics, Reimbursement & Policy, and Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Axogen (NASDAQ: AXGN) has appointed Rick Ditto as Vice President of Global Health Economics, Reimbursement & Policy. Reporting to CEO Michael Dale, Ditto will spearhead coverage and reimbursement strategies to establish peripheral nerve function restoration as a standard of care.

Ditto brings over 15 years of medical device industry leadership experience from Zimmer Biomet, Johnson & Johnson, and Lumere. He holds degrees in Biomedical Engineering, Bioengineering, and Applied Health Economics & Outcomes Research.

As part of his employment package starting March 24, 2025, Ditto will receive an inducement grant on April 1, 2025, consisting of 45,000 Restricted Stock Units (RSUs) of Axogen common stock. The RSUs will vest over 4 years, with 50% vesting after two years and 25% vesting annually for the following two years.

Positive

• Strategic hire with extensive medical device industry experience and expertise in reimbursement strategies
• Comprehensive compensation package including 45,000 RSUs aligns executive interests with shareholders

Negative

• None.

ALACHUA, Fla. and TAMPA, Fla., March 24, 2025 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries, today announced the appointment of Rick Ditto as Vice President, Global Health Economics, Reimbursement & Policy.

Mr. Ditto will report to Michael Dale, President, and Chief Executive Officer, and will lead the development of the coverage and reimbursement-related strategies required to support Axogen’s mission to establish restoration of peripheral nerve function as an expected standard of care.

Mr. Ditto brings over 15 years of leadership experience in the medical device industry, with a proven track record at Zimmer Biomet, Johnson & Johnson, and as the first employee at Lumere (acquired by GHX). He has deep expertise in facility economics and payor strategy, including developing approaches to optimize reimbursement and navigate complex payor environments.

Mr. Ditto earned his Bachelor of Science in Biomedical Engineering at Case Western Reserve University, his Master of Science, Bioengineering at The University of Toledo, and a Master of Science, Applied Health Economics & Outcomes Research at Thomas Jefferson University.

“We are delighted to welcome Rick to the Axogen team,” said Michael Dale, Chief Executive Officer, and Director, Axogen. “His strong payor relationships and extensive experience in health economics, reimbursement and policy will be critical assets for Axogen to build upon as we work to make restoration of peripheral nerve function an expected standard of care.”

Notice of Issuance of Inducement Grant

In connection with the commencement of his employment on March 24, 2025, and as a material inducement of employment, Mr. Ditto will be awarded an equity grant on April 1, 2025, consisting of a non-qualified equity grant in the form of Restricted Stock Units (RSU) for the grant of 45,000 shares of Axogen, Inc. common stock. The shares representing the RSUs are subject to vesting over 4 years, with 50% vesting after the second year and 25% of the total shares granted vesting every year thereafter for the next two years.  

About Axogen

Axogen (AXGN) is the leading Company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about helping to restore peripheral nerve function and quality of life to patients with physical damage or transection to peripheral nerves by providing innovative, clinically proven, and economically effective repair solutions for surgeons and health care providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve, or the inability to properly reconnect peripheral nerves, can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

Axogen's platform for peripheral nerve repair features a comprehensive portfolio of products that are used across two primary application categories: scheduled, non-trauma procedures and emergent trauma procedures. Scheduled procedures are generally characterized as those where a patient is seeking relief from conditions caused by a nerve defect or surgical procedure. These procedures include providing sensation for women seeking breast reconstruction following a mastectomy, nerve reconstruction following the surgical removal of painful neuromas, oral and maxillofacial procedures, and nerve decompression. Emergent procedures are generally characterized as procedures resulting from injuries that initially present in an ER. These procedures are typically referred to and completed by a specialist either immediately or within a few days following the initial injury.

Axogen’s product portfolio includes Avance^® Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site; Axoguard Nerve Connector^®, a porcine submucosa ECM coaptation aid for tensionless repair of severed peripheral nerves; Axoguard Nerve Protector^®, a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the nerve reconstruction while preventing soft tissue attachments; Axoguard HA+ Nerve Protector™, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to provide short- and long-term protection for peripheral nerve injuries; and Axoguard Nerve Cap^®, a porcine submucosa ECM product used to protect a peripheral nerve end and separate the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma. The Axogen portfolio of products is available in the United States, Canada, Germany, the United Kingdom, Spain, South Korea, and several other countries.

Investor Contact:
Axogen, Inc. InvestorRelations@axogeninc.com

FAQ

What role will Rick Ditto take at Axogen (AXGN) and what are his responsibilities?

Rick Ditto will serve as Vice President of Global Health Economics, Reimbursement & Policy, leading coverage and reimbursement strategies to establish peripheral nerve function restoration as a standard of care.

What is the vesting schedule for Rick Ditto's RSU grant at Axogen (AXGN)?

The 45,000 RSUs will vest over 4 years: 50% after two years, followed by 25% annually for the next two years, starting April 1, 2025.

What is Rick Ditto's professional background before joining Axogen (AXGN)?

Ditto has over 15 years of medical device industry leadership experience at Zimmer Biomet, Johnson & Johnson, and was the first employee at Lumere (acquired by GHX).

What educational qualifications does Rick Ditto bring to Axogen (AXGN)?

Ditto holds a BS in Biomedical Engineering from Case Western Reserve University, MS in Bioengineering from The University of Toledo, and MS in Applied Health Economics & Outcomes Research from Thomas Jefferson University.