EATONTOWN, N.J., May 2 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE), a leader in the emerging field of biologic solutions for
regenerative healing, announced today that its Plexur(R) Technology will be
used in a Craniofacial Reconstruction Program led by Dr. Jeffrey Hollinger
of Carnegie Mellon University. This program, which was prepared under the
auspices of the New Jersey Center for Biomaterials and Dr. Joachim Kohn of
Rutgers University, is part of a multi-institutional effort funded by a
$42.5 million grant from the Armed Forces Institute of Regenerative
Medicine (AFIRM). AFIRM was recently created by the United States
Department of Defense to provide funding for the development of
regenerative technologies that can be used to treat the most critically
injured service members, as well as civilian patients.
The reconstruction program looks to create a new Plexur(R) Biocomposite
made of allograft bone fibers or particles and utilizes a novel
biodegradable polyurethane to facilitate healing and improve outcomes. This
new Plexur(R) Biocomposite will be developed through the collaborative
efforts of Dr. Hollinger, Dr. Scott Guelcher at Vanderbilt University, and
Osteotech's scientific team. Osteotech has had a long-standing working
relationship with Dr. Hollinger and Dr. Guelcher.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,
stated, "We are very pleased and proud that our Plexur(R) Technology will
be used in this research effort at Vanderbilt University and Carnegie
Mellon University. The need is great for regenerative solutions to treat
serious traumatic injuries to the skull due to wartime injuries. Our
Plexur(R) Technology has the potential to offer new solutions in
reconstruction of the craniofacial region and elsewhere in the body to
treat damage from these very difficult injuries."
Osteotech previously obtained a license from Carnegie Mellon University
for the biodegradable polyurethane that is to be used in this program. This
biodegradable polyurethane, in combination with Osteotech's Plexur(R)
Technology, has been licensed to Vanderbilt University for research
purposes. The collaborative research efforts are directed in part, towards
developing a biocomposite that has unique characteristics, including high
compressive, torsional or bending strength. Osteotech has the rights to any
product developed within its current Plexur(R) intellectual property estate
and a non-exclusive right to any technology improvements.
The Plexur(R) Technology uses bone tissue for procedure-specific
surgical applications in combination with a wide variety of polymers. On a
world-wide basis, Osteotech controls over 33 patents and over 65 pending
patent applications covering this technology for human and xenograft bone
tissue. For more information about the Plexur(R) Technology or Osteotech's
Plexur P(TM) or Plexur M(TM) Biocomposites, please go to the Osteotech
website at http://www.osteotech.com.
The New Jersey Center for Biomaterials is an academic research center
at Rutgers, The State University of New Jersey. The center links research
universities nationwide with industry and government to develop advanced
materials for tissue repair and replacement, and drug delivery systems.
Technology invented at the center is currently being licensed by three
companies for the development of cardiovascular, ophthalmic and surgical
implants. For further information regarding the New Jersey Center for
Biomaterials, please visit http://www.njbiomaterials.com.
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 or this press release, 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 May 2, 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.njbiomaterials.com
http://www.prnewswire.com/comp/668050.html /
CONTACT:
Mark H. Burroughs of Osteotech, Inc.,
+1-732-542-2800
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