CANTON, Mass., May 01, 2019 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the development, manufacture and commercialization of product solutions for the Advanced Wound Care and Surgical and Sports Medicine markets, announced today that it has received an Innovative Technology contract from Vizient, Inc. for its portfolio of advanced wound care and surgical and sports medicine products.
The contract for the Organogenesis product portfolio was based on a recommendation from hospital experts who serve on one of Vizient’s member-led councils. The portfolio includes PuraPly® Antimicrobial (PuraPly AM); Apligraf®, the only product to have received FDA approval for treating both diabetic foot ulcers (DFUs) and venous leg ulcers (VLUs); Dermagraft®, which is FDA approved for treating DFUs; as well as FiberOS™, NuCel®, NuShield®, OCMP™ and ReNu®.
“We are honored that Vizient, the largest health care performance improvement company in the country, with more than 3,100 hospital and health system members, has awarded Organogenesis this Innovative Technology contract for our comprehensive and differentiated advanced wound care and surgical and sports medicine portfolios,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “We are delighted to have received this contract and look forward to offering Vizient members across the county our innovative products as part of their move to value-based care.”
“Hospitals and providers are continuously looking for innovative solutions that demonstrate an ability to enhance clinical care or patient safety, and those that improve an organization’s care delivery and business model,” said Debbie Archer, director of procurement and leader of the Vizient Innovative Technology program for suppliers. “After a full review of the wound care products from Organogenesis, Vizient’s member council agreed this solution offers an incremental benefit over other products and recommended it for an Innovative Technology contract.”
Vizient represents a diverse membership base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents approximately $100 billion in annual purchasing volume. Through its Innovative Technology Program, Vizient works with member-led councils and task forces to review potentially innovative products. If it is determined that a product is innovative, Vizient may award a contract outside of the competitive bid cycle.
Organogenesis Holdings Inc. is a leading regenerative medicine company offering a portfolio of bioactive and acellular biomaterials products in advanced wound care and surgical biologics, including orthopedics and spine. Organogenesis’s comprehensive portfolio is designed to treat a variety of patients with repair and regenerative needs. For more information, visit www.organogenesis.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including statements regarding the adoption of our products by Vizient members. Forward-looking statements may be identified by the use of words such as “will,” “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” “extend,” “continue” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include the fact that rapid technological change could cause our products to become obsolete and if we do not enhance our product offerings through our research and development efforts, we may be unable to effectively compete; that to be commercially successful we must convince physicians that our products are safe and effective alternatives to existing treatments and that our products should be used in their procedures; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of the Company’s Form 10-K for the year ended December 31, 2018. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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Source: Organogenesis Holdings Inc.