EATONTOWN, N.J., May 10 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that it has entered into a single source
agreement with Novation, LLC, the leading health care contracting services
company in the United States, serving the purchasing needs of nearly 2,500
members of VHA Inc. and University HealthSystem Consortium (UHC), two
national health care alliances. Under the terms of this agreement,
Osteotech will offer Novation's alliance members Osteotech's line of
proprietary allograft products, including Grafton(R) DBM, Xpanse(TM) Bone
Inserts and Graftech(R) Structural Allografts, as well as traditional
allograft bone tissue grafts and Osteotech's PEEK-based GraftCage(R)
Spacers. The term of the agreement is for thirty-six months effective July
2, 2007, with two one-year renewal options.
Robert M. Wynalek, Osteotech's Domestic President, stated, "We are very
excited about our agreement with Novation. Relationships with group
purchasing organizations are a key component to our domestic distribution
strategy. As we expand our product portfolio, we believe our work with
group purchasing organizations will be key channels to leverage one-stop
OsteoBiologic product solutions."
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, differences in
anticipated and actual product and service introduction dates, the ultimate
success of those products in the market place, 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 10, 2007 and the Company
undertakes no duty to update this information.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global
leader in providing OsteoBiologic solutions to surgeons and patients for
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 .
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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