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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