Ma­ligned ex-MiMedx chief Pe­tit wants back on the board — wound care com­pa­ny tells share­hold­ers to say no way

Park­er “Pe­te” Pe­tit LinkedIn

Weeks ago, a 15-month long sweep­ing in­ter­nal in­ves­ti­ga­tion en­com­pass­ing more than a mil­lion doc­u­ments, thou­sands of hours of se­cret video sur­veil­lance — in­stalled un­der the aus­pices of for­mer CEO Park­er “Pe­te” Pe­tit — and over 80 wit­ness­es, paint­ed a sor­did pic­ture of the scan­dalous past of wound care com­pa­ny MiMedx. On Mon­day, MiMedx dis­closed that Pe­tit is look­ing to re­turn to the com­pa­ny’s board, along with two of his busi­ness as­so­ciates, at an an­nu­al meet­ing of share­hold­ers planned for mid-June.

William “Bill” Tay­lor LinkedIn

The com­pa­ny, which has long been crit­i­cized for its busi­ness prac­tices, sells in­jectable treat­ments — de­rived from the am­ni­ot­ic tis­sue — to treat burns and soft tis­sue wounds, and counts vet­er­ans and mil­i­tary hos­pi­tals as its cus­tomers. MiMedx has al­so faced the ire of FDA, which has pre­vi­ous­ly ac­cused it of fla­grant man­u­fac­tur­ing vi­o­la­tions and in­di­cat­ed MiMedx’s suite of prod­ucts does not meet its reg­u­la­to­ry stan­dards. An in­ter­nal re­view, which com­menced Feb­ru­ary 2018, prompt­ed the ouster of a num­ber of ex­ec­u­tive de­par­tures, in­clud­ing Pe­tit and COO William “Bill” Tay­lor.

They found that MiMedx’s for­mer se­nior man­age­ment team made ma­te­r­i­al mis­state­ments and omis­sions about its deal­ings with its largest dis­trib­u­tor — and that Pe­tit false­ly tes­ti­fied un­der oath dur­ing a de­po­si­tion when dis­cussing the dis­trib­u­tor. In­ves­ti­ga­tors al­so un­cov­ered oth­er con­duct that ap­peared to have been “de­signed to ma­nip­u­late the tim­ing and recog­ni­tion of rev­enue.” In ad­di­tion, the in­ves­ti­ga­tion re­vealed a sys­tem­at­ic pat­tern of sti­fling con­cern raised by MiMedx’s own em­ploy­ees, un­der the di­rec­tion of Pe­tit and Tay­lor. The two ex­ec­u­tives fo­cused on dis­put­ing al­le­ga­tions and dis­cred­it­ing em­ploy­ees, even­tu­al­ly re­as­sign­ing, dis­ci­plin­ing or ter­mi­nat­ing them.

MiMedx on Mon­day is­sued a press re­lease urg­ing its share­hold­ers to vote for its nom­i­nees — in­clud­ing the com­pa­ny’s new CEO Tim­o­thy Wright — and two oth­ers Kath­leen Behrens Wilsey and Todd New­ton — put for­ward last week by its biggest share­hold­er Pre­science Point Cap­i­tal Man­age­ment.

The re­in­state­ment of Pe­tit on the board will cul­mi­nate in “dire con­se­quences,” MiMedx said in a state­ment.

“(P)etit’s cam­paign for elec­tion to the Board is mo­ti­vat­ed by his de­sire to achieve per­son­al and pro­fes­sion­al re­demp­tion, rather than a de­sire to serve share­hold­ers, and MiMedx strug­gles to un­der­stand what ei­ther of Mr. Pe­tit’s nom­i­nees could pos­si­bly bring to the Board.”

Im­age: Kristof­fer Trip­plaar for SIPA AP

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