EATONTOWN, N.J., Oct. 16 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that it has entered into a tissue supply
agreement with LifeNet Health, Inc. Pursuant to the agreement, LifeNet
Health will provide Osteotech with tissue which will be utilized by
Osteotech for its core DBM, Biocomposite and Collagen Technologies. The
agreement was effective September 1, 2007, has an initial five-year term
which can be terminated earlier by either party on six months notice, and
automatically renews for successive two-year terms unless terminated by
either party six months prior to renewal. Osteotech currently has an
agreement with LifeNet Health and its distribution partner, Depuy Spine,
for the processing and distribution of a private label DBM.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,
commented, "We are extremely pleased to have expanded our relationship with
LifeNet Health. We respect and support LifeNet Health's commitment to
saving lives and restoring health. LifeNet Health has an excellent
reputation and their commitment to tissue donation is outstanding."
Mr. Owusu-Akyaw continued, "Our tissue supply arrangements with LifeNet
Health and Community Tissue Services provide a strong foundation for our
tissue needs in future years. We will continue to pursue our strategic
initiatives to establish additional relationships with other tissue
recovery organizations and tissue banks."
LifeNet Health, founded in 1982, is a full service biomedical tissue
banking system and a leading non-profit organ and tissue donation agency
whose mission is saving lives and restoring health. LifeNet Health provides
recovery and processing services for musculoskeletal and cardiovascular
tissues, distributing more than 225,000 biomedical implants every year to
restore health to patients around the world.
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 .
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 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 October 17, 2007 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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