EATONTOWN, N.J., March 1 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that it successfully completed the first
milestone of its recently announced tissue diversification strategy by
entering into a tissue supply agreement with Community Blood Center/Community
Tissue Services ("CTS"). Under the terms of the agreement, CTS will supply
cortical bone tissue to Osteotech, primarily to support Osteotech's
proprietary Grafton(R) DBM line of tissue grafts. In addition, the cortical
bone supplied by CTS will also be utilized in Osteotech's line of Plexus(TM)
Products scheduled to be introduced in late 2006 and 2007. The agreement has
an initial term of five years and will automatically renew for successive
two-year terms unless terminated by either party six months prior to renewal.
Community Blood Center/Community Tissue Services, one of the largest
tissue banks in the United States, is an accredited member of the American
Association of Tissue Banks and has received ISO 9001-2000 certification.
Community Tissue Services serves the public through procurement and
distribution of human tissue donations used for transplantation. Community
Tissue Services is composed of eight regional and three satellite offices.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,
stated, "We are extremely pleased to have established a tissue supply
agreement with an organization with such an outstanding reputation as
Community Tissue Services. We are impressed with CTS' commitment to serving
patients and high quality standards for the recovery and processing of donated
tissue. We look forward to a very long and rewarding relationship with CTS."
According to Judith E. Woll, M.D., Chief Executive Officer of Community
Blood Center/Community Tissue Services, "Community Tissue Services is pleased
to form a relationship with Osteotech. By partnering with Osteotech, CTS will
be able to provide additional uses for cortical bone, which is used in hip
surgeries and spinal surgeries."
Certain statements made in this press release that are not historical
facts contain forward-looking statements (as such are defined in the Private
Securities Litigation Reform Act of 1995) regarding the Company's future
plans, objectives and expected performance. Any such forward-looking
statements are based on assumptions that the Company believes are reasonable,
but are subject to a wide range of risks and uncertainties and, therefore,
there can be no assurance that the actual results may not differ materially
from those expressed or implied by such forward-looking statements. Certain
factors that could cause actual results to differ materially include, but are
not limited to, factors detailed from time to time in the Company's periodic
reports (including the Annual Report on Form 10-K for the year ended
December 31, 2004 and the Form 10-Q for each of the first three quarters of
2005) filed with the Securities and Exchange Commission. All information in
this press release is as of March 1, 2006 and the Company undertakes no duty
to update this information.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a leading
provider of human bone and bone connective tissue for transplantation and an
innovator in the development and marketing of biomaterial and implant products
for musculoskeletal surgery. For further information regarding Osteotech, or
this press release, please go to Osteotech's website homepage at
http://www.osteotech.com and to Osteotech's Financial Information Request Form
website page at http://www.osteotech.com/finrequest.htm.
Community Tissue Services (CTS), a division of Community Blood Center
(CBC) headquartered in Dayton, Ohio, is an independent, not-for-profit
organization. Community Tissue Services serves the public through procurement
and distribution of human tissue donations used for transplantation.
Community Tissue Services is composed of eight regional offices and three
satellite offices: Dayton, Ohio (Corporate Office); Fort Worth, Texas;
Fresno, California; Indianapolis, Indiana; Memphis, Tennessee; Philadelphia,
Pennsylvania; Portland, Oregon; and Toledo, Ohio. Satellite locations:
Boise, Idaho, Connersville, Indiana, and Medford, Oregon. Community Tissue
Services is ISO 9001-2000 Registered. For more information about CTS visit
http://www.communitytissue.org or contact Amy Moeder, Public
Relations/Marketing Coordinator at (800) 684-7783, ext. 3364.
SOURCE Osteotech, Inc.
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Related links:
http://www.osteotech.com
Company News On-Call:
http://www.prnewswire.com/comp/668050.html
CONTACT:
Mark Burroughs, Osteotech, Inc.,
+1-732-542-2800
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