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MiMedx Group Inc. has signed a lease for a nearly 80,000 square foot building in Marietta, that will be the biotech's new headquarters, according to a Securities & Exchange Commission filing.
Kennesaw-based MiMedx develops and manufactures regenerative biomaterials and bioimplants processed from human amniotic membrane, for use in wound care, burn healing, surgical and sports medicine, and other areas.
In November, Atlanta Business Chronicle reported on MiMedx's plans to move into the 79,584 square foot building, formerly occupied by a chemical company. The new building will include manufacturing and lab space.
In the SEC filing, MiMedx noted it expects to occupy the building, 1775 W. Oaks Commons, in May. The initial term of the lease is for nearly six years. MiMedx has an option to renew for an additional five years.
The initial rent will be $15.50 per square foot, before discounts, for the first 18 months of the lease.
MiMedx currently occupies two 20,000-square-foot buildings and following the expansion will retain one, which it will turn into a secondary manufacturing plant.
As part of the relocation and expansion, MiMedx will add more than 100 jobs, CEO Pete Petit said in November. The new jobs will include production, sales and R&D positions. The manufacturing jobs will generally pay about $40,000 annually, while many of the sales and scientific jobs will pay about $150,000 in base and commissions annually.
MiMedx, which has raised more than $20 million in the last three years, has developed a natural material that can be processed in a way that, when applied to a wound, accelerates the healing process,
MiMedx has been on a growth spurt — the company added about 100 jobs in 2012 and doubled manufacturing capacity.
The latest expansion, expected to be completed in late spring, is "driven by strong sales for the company's tissue products," Petit said.
MiMedx sales was expected to triple in 2012 — revenue was anticipated to reach $26 million, from $8 million in 2011, said Petit, who founded Healthdyne and its subsidiary, Matria Healthcare.
