MiMedx Group, Inc. (MiMedx), a US-based medical device company, has appointed Parker H. ‘Pete’ Petit as its chairman of the board of directors, president, and chief executive officer (CEO), effective February 24, 2009. Steve Gorlin, who formerly held the role of chairman, will remain on the board. Andrew K. ‘Kreamer’ Rooke, was appointed to the board of directors effective February 24, 2009.
Rook e, who holds a Bachelor’s Degree in Economics from the University of Pennsylvania, was an initial investor with the company and formerly worked directly with the chairman, advising on the acquisition of SpineMedica Corp. and aiding in the company’s emergence into the public markets. Thomas W. D’Alonzo, who formerly held the position of CEO, has resigned from his position as CEO and member of the board of directors.
In his last position, Petit was chairman and CEO of Matria Healthcare which was sold to Inverness Medical Innovations in May of 2008. Matria Healthcare was a former subsidiary of Healthdyne, which Petit founded in 1971. Petit served as chairman and CEO of Healthdyne and some of its publicly traded subsidiaries after Healthdyne became a publicly traded company in 1981. One of Healthdyne’s other subsidiaries, was merged with Respironics in 1995, and Respironics was sold in 2008 to Phillips Healthcare. Petit received his bachelor’s degree in Mechanical Engineering and Master of Science degree in Engineering Mechanics from Georgia Tech and an MBA degree in Finance from Georgia State University.
At Georgia Tech, Petit funded a professorial chair for “Engineering in Medicine”, endowed the Petit Institute for Bioengineering and Bioscience, and assisted with the funding of the Biotechnology Building which bears his name. At Georgia State University, he assisted with the funding of the Science Center building which also bears his name. In 1994, he was inducted into the Technology Hall of Fame of Georgia. In 2007, he was inducted into the Georgia State Business School Hall of Fame. Petit has earlier served as member of the board of directors of the Georgia Research Alliance which is chartered by the State of Georgia to promote high technology and scientific development in the State.
Petit, who has made a significant investment in the company, stated, “I am looking forward to assisting the MiMedx Group in transitioning from a development stage company to an operating company. The Company has assembled an exciting portfolio of intellectual property that may be used as human implants for the orthopedics market. The Company has some extremely talented scientists and engineers, and I am looking forward to assisting them in turning its intellectual property into revenues and profits in the years ahead. I will do my utmost to keep our shareholders fully apprised of its progress.”