EATONTOWN, N.J., May 15 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that it has expanded its tissue supply
relationship with Community Tissue Services ("CTS"). Osteotech first
entered into an agreement with CTS in March 2006 under which CTS agreed to
supply a specific number of cortical bone tissues to Osteotech each month.
In February 2007, the parties amended the agreement to more than double the
number of cortical bone tissues to be supplied by CTS to Osteotech each
month. In May 2007, CTS agreed to supply Osteotech with an annual minimum
number of whole donors. The initial five-year term of the agreement began
in March 2006 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 is ISO 9001:2000 Registered. Community
Tissue Services provides services to donor families, medical communities,
recipients and community partners through recovery, processing and
distribution of tissue grafts. CTS strives to be on the forefront of new
technology to better serve recipients and medical professionals. Community
Tissue Services is comprised of eight regional offices and three satellite
offices.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer
stated, "We are extremely pleased to expand our partnership with an
organization that has such an outstanding reputation as Community Tissue
Services. Osteotech believes that all donated tissue has value because it
has the potential to improve a human life. It is our mission to use
technology to enhance the gift of life through the development of
therapy-driven products that alleviate pain, restore function and promote
biological healing."
Judith E. Woll, M.D., Chief Executive Officer of Community Blood
Center/ Community Tissue Services, commented "Community Tissue Services is
looking forward to this expanded relationship with Osteotech. Our
relationship with Osteotech provides us an opportunity to provide more bone
tissue products back to our local donor hospitals."
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 or the conference call, please go to Osteotech's
website at http://www.osteotech.com.
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 recovery,
processing 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.
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 15, 2007 and the Company
undertakes no duty 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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