EATONTOWN, N.J., March 1 /PRNewswire-FirstCall/ -- Osteotech, Inc. announced today that it successfully completed the first milestone of its recently announced tissue diversification strategy by entering into a tissue supply agreement with Community Blood Center/Community Tissue Services (“CTS”). Under the terms of the agreement, CTS will supply cortical bone tissue to Osteotech, primarily to support Osteotech’s proprietary Grafton(R) DBM line of tissue grafts. In addition, the cortical bone supplied by CTS will also be utilized in Osteotech’s line of Plexus(TM) Products scheduled to be introduced in late 2006 and 2007. The agreement has an initial term of five years 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 has received ISO 9001-2000 certification. Community Tissue Services serves the public through procurement and distribution of human tissue donations used for transplantation. Community Tissue Services is composed of eight regional and three satellite offices.
Sam Owusu-Akyaw, Osteotech’s President and Chief Executive Officer, stated, “We are extremely pleased to have established a tissue supply agreement with an organization with such an outstanding reputation as Community Tissue Services. We are impressed with CTS’ commitment to serving patients and high quality standards for the recovery and processing of donated tissue. We look forward to a very long and rewarding relationship with CTS.”
According to Judith E. Woll, M.D., Chief Executive Officer of Community Blood Center/Community Tissue Services, “Community Tissue Services is pleased to form a relationship with Osteotech. By partnering with Osteotech, CTS will be able to provide additional uses for cortical bone, which is used in hip surgeries and spinal surgeries.”
Certain statements made in 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 the actual results may not differ materially from those expressed or implied by such forward-looking statements. Certain factors that could cause actual results to differ materially include, but are not limited to, factors 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 each of the first three quarters of 2005) filed with the Securities and Exchange Commission. All information in this press release is as of March 1, 2006 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.
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 procurement 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.
Osteotech, Inc.
CONTACT: Mark Burroughs, Osteotech, Inc., +1-732-542-2800
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