EATONTOWN, N.J., April 18 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE), a leader in the emerging field of biologic solutions for
regenerative medicine, announced today that it has renewed its exclusive
tissue recovery agreement with The Euro Atlantic Transplant Alliance
("EATA"), a Bulgarian public non-profit foundation. The agreement, which
was effective April 1, 2008, is for an initial term of seven years and
automatically renews for successive four year terms unless a written notice
of intent to terminate is provided by either party at least twelve months
prior to the end of the initial, or any renewal term. This new agreement
replaces a previous agreement that was due to expire in early 2009.
Sam Owusu-Akyaw, President and Chief Executive Officer of Osteotech,
stated, "We are very pleased to renew our relationship with the Republic of
Bulgaria and the EATA. Through the tissue recovery efforts of both
organizations over the past five years, Osteotech has been able to use its
processing and product technologies to bring safe and clinically effective
OsteoBiologic products to the European market for use by surgeons to
alleviate pain, promote biologic healing and restore function."
Dr. Roman A. Hitchev, President and Chief Medical Officer of TB
Osteocentre Bulgaria EAD, an indirect wholly-owned subsidiary of Osteotech,
commented, "We have had an excellent working relationship with the EATA
over the last five years and together have established a successful tissue
recovery system in the Republic of Bulgaria. We look forward to continuing
our outstanding relationship with the EATA and, working with the EATA, to
successfully integrate the Bulgarian tissue recovery and transplantation
system into the tissue exchange system of the European Union."
Dr. Galina V. Balabanova, M.D., Executive Director of the EATA,
remarked, "Osteotech and Osteocentre Bulgaria have been excellent partners
and supporters of tissue banking in Bulgaria. They have a rich tradition in
technological advancement and quality. Osteotech is also a key financial
supporter of the collaboration we have with the Scoliosis Research Society,
which allows us to provide pediatric spinal deformity surgery for children
without healthcare insurance coverage."
The EATA, a public non-profit foundation authorized under the Bulgarian
Transplant Law of 2007 and organized under the Bulgarian Public Foundations
Law of 2001, is responsible for funding healthcare projects in Bulgaria for
the public benefit, tissue transplantation, international patient referral
services and pediatric spinal deformity surgery for children without
healthcare insurance coverage. The EATA also provides financial management
and fundraising to hospitals and providers participating in the Bulgarian
national donor recovery network.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global
leader in providing OsteoBiologic solutions for regenerative medicine to
support surgeons and their patients in the repair of the musculoskeletal
system through the development of innovative therapy-driven products that
alleviate pain, promote biologic healing and restore function. For further
information regarding Osteotech, this press release or the conference call,
please go to Osteotech's website at http://www.osteotech.com.
Certain statements made throughout 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 actual results
may not differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, the Company's ability to
develop and introduce new products, differences in anticipated and actual
product and service introduction dates, the ultimate success of those
products in the marketplace, the continued acceptance and growth of current
products and services, the impact of competitive products and services, the
availability of sufficient quantities of suitable donated tissue and the
success of cost control and margin improvement efforts. Certain of these
factors are detailed from time to time in the Company's periodic reports
filed with the Securities and Exchange Commission. All information in this
press release is as of April 18, 2008 and the Company does not intend to
update this information.
SOURCE Osteotech, Inc.
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Related links:
http://www.osteotech.com/
http://www.prnewswire.com/comp/668050.html/
CONTACT:
Mark H. Burroughs of Osteotech, Inc.,
+1-732-542-2800
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