EATONTOWN, N.J., Oct. 17 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that it has received a letter from the
Musculoskeletal Transplant Foundation ("MTF") stating that it is withdrawing
its unsolicited proposal to acquire Osteotech.
Richard W. Bauer, Osteotech's Chief Executive Officer, stated, "With the
MTF proposal behind us, we are aggressively moving ahead with the
implementation of our business plans and strategies. MTF's unsolicited
actions have resulted in the Company incurring significant costs for legal and
investment banking counsel, and has had a short-term impact on our operating
business commencing in September and which continued into October. With a
strong pipeline of innovative new products and technologies, we remain
optimistic about the longer term future of Osteotech as an independent
company. The Company will provide an in-depth update when we report third
quarter 2005 results in the first week of November."
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 timing of approvals, if required, by governing regulatory bodies,
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 (including the Annual Report on Form 10-K
for the year ended December 31, 2004 and the Form 10-Q for the each of the
first two quarters of 2005) filed with the Securities and Exchange
Commission. All information in this press release is as of October 17, 2005
and the Company undertakes no duty to update this information.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a leading
provider of human bone and bone connective tissue for transplantation and an
innovator in the development and marketing of biomaterial and implant products
for musculoskeletal surgery. For further information regarding Osteotech or
this press release, please go to Osteotech's website homepage at
http://www.osteotech.com and to Osteotech's Financial Information Request Form
website page at http://www.osteotech.com/finrequest.htm.
SOURCE Osteotech, Inc.
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Related links:
http://www.osteotech.com
Company News On-Call:
http://www.prnewswire.com/comp/668050.html
CONTACT:
Michael J. Jeffries of Osteotech,
+1-732-542-2800, or Andrea Priest of The Global Consulting Group,
+1-646-284-9425
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