Axogen's $8M SVB deposits fully protected; moving other assets to JP Morgan

Axogen, Inc.

Axogen had $8M cash at SVB, its sole depositor; FDIC guarantees full access as of March 13.
Majority of other cash/investments held in U.S. Bank custodial accounts advised by SVB Asset Management.
Company opening new brokerage/operations accounts with JP Morgan to move all held funds.
Believes existing cash plus product sales sufficient for at least 12 months.
SVB closed by California regulator March 10; FDIC appointed receiver.

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