, Nov. 3, 2010
/PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE), a leader in the emerging field of biologic products for regenerative healing, announced today that its patent supporting the innovative Plexur M® Technology has been selected to receive the Research and Development Council of New Jersey
's 31st Thomas Alva Edison Patent Award in the medical category. Osteotech was chosen from a broad field of nominees comprised of New Jersey
small businesses, government laboratories and universities.
The patent, entitled "Formable and Settable Polymer Bone Composite and Method of Production Thereof," U.S. Patent 7,291,345, supports Plexur M, Osteotech's bone-polymer composite of bioresorbable polymer and cortical bone fibers used in a variety of orthopedic procedures. One of Osteotech's proprietary biologics, Plexur M is highly differentiated from competing products by being the only radiopaque, moldable, settable and machinable bone graft implant that completely remodels into new bone.
"This award further underscores the market-leading technology that Osteotech has pioneered throughout the years, and we are honored to receive this recognition," said Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer. "Plexur M has continued to gain traction within the surgeon community and is widely used in orthopedic trauma, joint replacements, and oncology-related procedures. We would like to thank our internal research and development team for their outstanding contributions that have enabled Osteotech to create a portfolio of products and technologies that are advancing the standards of care within the biologics industry."
Osteotech will receive its award during the 31st Thomas Alva Edison Patent Awards ceremony and reception to be held on November 4, 2010 at the Liberty Science Center in Jersey City, NJ.
About the Research and Development Council of New Jersey
The Research and Development Council of New Jersey is a nonprofit organization dedicated to cultivating an environment that supports the advancement of research and development throughout New Jersey. The Council is composed of senior representatives from industry, academia and government and many members represent today's Fortune 500 companies. The Council established the Thomas Alva Edison Patent Award to recognize and honor New Jersey's scientists and inventors. More information on the Council and the 31st Thomas Alva Edison Patent Awards can be found at: www.rdnj.org.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in providing biologic 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, please go to Osteotech's website at www.osteotech.com.
Certain statements made throughout this press release that are not historical facts are forward-looking statements (as 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 successfully execute on any strategic alternatives, its 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. For a more detailed discussion of certain of these factors, see the Company's periodic reports filed with the Securities and Exchange Commission from time to time, including the latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All information in this press release is as of November 3, 2010 and the Company does not intend to update this information.
SOURCE Osteotech, Inc.