EATONTOWN, N.J., May 2 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announces today that on April 28, 2008, it received a Nasdaq
Staff Deficiency Letter in response to its notification to Nasdaq that
Robert W. Gunn, an independent director and a member of the Board of
Directors' Audit and Compensation Committees, passed away unexpectedly on
April 22, 2008. As a result, Osteotech has only two independent directors
serving on its Audit Committee and is not in compliance with the Audit
Committee composition requirements for continued listing set forth in
Nasdaq Marketplace Rule 4350(d)(2)(A). Pursuant to Nasdaq's letter,
Osteotech has until October 20, 2008 to regain compliance with the Audit
Committee composition requirements or it will be subject to delisting from
the Nasdaq Stock Market. Osteotech was expecting the letter it received
from Nasdaq and the Nominating and Corporate Governance Committee of the
Board of Directors is currently seeking to identify a suitable candidate
for appointment to the Board of Directors who will satisfy the Nasdaq
Marketplace requirements for serving on the Audit Committee. Osteotech
anticipates that it will be able to identify and appoint a suitable
candidate prior to October 20, 2008.
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.prnewswire.com/comp/668050.html /
CONTACT:
Mark H. Burroughs of Osteotech, Inc.,
+1-732-542-2800
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