Miromatrix Moves into New Headquarters Complete with In-House Manufacturing Capabilities
Miromatrix Medical Inc. (NASDAQ: MIRO) has announced the relocation to a new 42,000 square foot headquarters in suburban Minneapolis, which includes a dedicated 11,000 square foot in-house manufacturing facility. This move aims to enhance production quality and development timelines as the company prepares for the first-ever in-human clinical trials for bioengineered organs. The facility is designed to support pre-clinical and clinical trial stages, maintaining standards similar to its previous ISO 13485 certified manufacturing site. An inauguration ceremony is scheduled for April 27, 2022.
- New 42,000 square foot headquarters supports growth and collaboration.
- In-house manufacturing facility enhances control over production quality.
- Preparation for first-ever in-human clinical trials indicates significant progress.
- Company faces ongoing significant losses, expected to continue.
- Regulatory approval process poses risks and uncertainties.
EDEN PRAIRIE, Minn., March 29, 2022 (GLOBE NEWSWIRE) -- Miromatrix Medical Inc. (NASDAQ: MIRO), a life sciences company pioneering a novel technology for bioengineering fully transplantable organs to help save and improve patients' lives, announced they have moved into a new headquarters complete with in-house manufacturing capabilities in suburban Minneapolis.
"Our new headquarters, complete with an in-house manufacturing facility, represents a critical step along our path to ultimately delivering our bioengineered organs to patients," said Jeff Ross Ph.D, Miromatrix's CEO. "As we prepare to support the first-ever in-human clinical trial with bioengineered organs, our new facility will allow us to control our development timelines and production quality. The need for organ transplants is greater than ever, and Miromatrix is proud to be one of a small group of companies at the forefront of developing alternatives to human donor organ transplants."
The state-of-the-art headquarters encompasses 42,000 square feet and includes 11,000 square feet dedicated to a world-class in-house manufacturing facility. The new headquarters provides Miromatrix employees across multiple functional areas a single location where they can collaborate as they aim to be the first company to develop bioengineered organs approved for patients in need of an organ transplant. The new headquarters will provide adequate capacity to manufacture bioengineered organs for pre-clinical and clinical trial stages of development, and it will be maintained to the same standard as the Company's previous cGMP manufacturing facility that received ISO 13485 certification.
Miromatrix will hold a ribbon cutting and open house ceremony at their new headquarters starting at 3pm Central Time on April 27, 2022 to inaugurate the facility's opening. Miromatrix's CEO, Jeff Ross Ph.D., senior executives, staff, and partners will be attending to mark the occasion.
About Miromatrix
Miromatrix Medical Inc. is a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs to help save and improve patients' lives. The Company has developed a proprietary perfusion technology platform for bioengineering organs that it believes will efficiently scale to address the shortage of available human organs. The Company's initial development focus is on human livers and kidneys. For more information, visit miromatrix.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward looking statements, including statements regarding our first ever transplant of a bioengineered liver transplant into a large animal. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "outlook," "guidance," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions and are based largely on our current business plans, expectations, and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company; our expectations with respect to the regulatory pathway of our product candidates, our ability to obtain regulatory approvals for such product candidates, and the anticipated effect of delays in obtaining any such regulatory approvals; our expectations with respect to preclinical and clinical trial plans for our product candidates, the results of such activities and the safety and efficacy of our product candidates; our ability to commercialize our product candidates; our ability to compete successfully with larger competitors in our highly competitive industry; our ability to achieve and maintain adequate levels of coverage or reimbursement for any future products we may seek to commercialize; our ability to compete successfully with larger competitors in our highly competitive industry; our expectations regarding our manufacturing capabilities; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide, including the outbreak of the novel strain of coronavirus, COVID-19; product liability claims; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our ability to attract and retain senior management and key scientific personnel; and other important factors that could cause actual results, performance or achievements to differ materially from those expected or projected. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's Registration Statement on Form S-1 (File No. 333-256649), as amended, filed with the U.S. Securities and Exchange Commission and any additional risks presented in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Investor Contact:
Greg Chodaczek
332-895-3230
ir@miromatrix.com
Media Contact:
press@miromatrix.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e75a1347-0b3f-437f-bb5a-cdc1c6aca2ad
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