Aziyo Biologics Rebrands As Elutia To Reflect Strategic Focus On Drug Eluting Biomatrices; Company To Begin Trading Under New Ticker Symbol "ELUT"

– Company to begin trading under new ticker symbol "ELUT" –
 

SILVER SPRING, Md., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Aziyo Biologics, Inc. (NASDAQ:AZYO) ("Aziyo") today announced a change of the Company's name to Elutia Inc. The rebranding reflects the strategic focus to develop and commercialize proprietary drug-eluting biomatrix technology aimed at improving surgical outcomes. The name change becomes effective today, September 6, 2023. The Company's stock will begin trading on Nasdaq under the new ticker symbol "ELUT" on September 7, 2023.

"We are excited to introduce Elutia, where we exist to humanize medicine by pioneering drug-eluting biomatrix or DEB technology," said Dr. Randy Mills, President and Chief Executive Officer of Elutia. "There is a clear need in surgery for the power of local drug delivery paired with the wound healing benefits of biological materials. Our first new product will be for the pacemaker and implantable defibrillator markets where surgical complications have devastating consequences for patients."

Currently, Elutia is a commercial-stage company that serves two major markets with established products based on its proprietary biomatrix platforms. The first is the CanGaroo® Envelope, which is used for the stabilization of implantable cardiac devices such as pacemakers and defibrillators. Elutia is building on this foundation with the development of CanGaroo® RM, which adds the powerful antibiotics rifampin and minocycline for sustained delivery directly to the surgical site. The product is expected to launch next year and would be the first DEB in a market valued at $600 million. Following its introduction, expansion into neurostimulator markets, including pain management, is expected to drive further growth.

The second is SimpliDerm® Acellular Dermal Matrix, used primarily in breast reconstruction following mastectomy. Post-operative infection rates for this procedure exceed 10%, underscoring the clear unmet medical need in a market estimated at over $500 million. To address this, Elutia is developing SimpliDerm® RM incorporating our proprietary DEB technology.