Trou­bled MiMedx ax­es a quar­ter of its work­force in the wake of a C-suite purge

Re­mem­ber when MiMedx $MXDG got rid of its CEO and COO to pre­pare the com­pa­ny “for its next chap­ter”? The trou­bled biotech now says that 240 of its full-time em­ploy­ees will be left out of that chap­ter.

The lay­offs, which ac­count for 24% of MiMedx’s to­tal work­force, are part of a sweep­ing re­or­ga­ni­za­tion with the aim of slim­ming down its cost struc­ture to stay afloat.

MiMedx’s woes first came un­der the spot­light in Feb­ru­ary, weeks af­ter the FBI showed up at the door of a short sell­er who’s been hurl­ing in­sults against the com­pa­ny and its ex-CEO, Park­er “Pe­te” Pe­tit. The short sell­er, Marc Co­hodes, made a com­plaint to the De­part­ment of Jus­tice.

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