The question that Spineblogger wants to know is; Why would a company hire an Octogenarian to run its company? Is it more of the same "old" thing? Or, Is Custom Spine another Vertebron heading for Life Support
Monday, February 23, 2009
Custom Spine
Recently, Spineblogger spoke to former employees at Custom Spine. In June of 2008 it was reported that the Company was going to be sold to a "shell company" by the name of Mimedx. After researching Mimedx, it is quite evident that the "shell" is going to hell! Recently, Mimedx notified the SEC that it cannot file its 10Q (quarterly filing) because of the global economic crisis. This means that this company has no money. Upon burning through roughly $20+ million in investment capital and hiring Lew Bennett as the President of SpineMedica, in all likelihood, Mimedx and its Hydrogel can be put to rest. Lew Bennett has resigned as head of a failed venture and brings his octogenarian skills to Custom Spine.
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Spineblogger recently review the 10Q filing that Mimedx submitted to the SEC. Things don't look too good. They have burned through $27MM in roughly a two year period. Lew Bennett has resigned and is now taking his "old time" magic to Custom Spine. Lew, at 83 years of age you need to get a life. This isn't the spine industry of 25 years ago. For all the wonderful press you get, I notice that Orthopedics This Week didn't mention your failure at SpineMedica. I guess at 83 we should give you a pass for memory failure.
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