EATONTOWN, N.J., Feb. 9 /PRNewswire-FirstCall/ -- Osteotech, Inc. today issued the following statement in response to questions the Company has received regarding a lawsuit recently filed against the American Tissue Services Foundation (“ATSF”) in federal court in Minnesota. As previously disclosed, Osteotech has a contractual relationship with ATSF pursuant to which ATSF provides bone tissues to Osteotech for processing.
Osteotech complies with all applicable laws, rules and regulations regarding the processing of bone tissues, and has quality assurance procedures and systems in place that it applies to all bone tissues it receives, including bone tissue received from ATSF. These systems and procedures include conducting audits of Osteotech’s suppliers. Osteotech conducted an audit of ATSF in August 2005.
Sam Owusu-Akyaw, Osteotech’s President and Chief Executive Officer, stated, “Osteotech is confident that all bone tissue that it processes into tissue grafts for distribution within the United States comply with all applicable laws, rules and regulations, including current Good Tissue Practices adopted by the United States Food and Drug Administration. Since we began processing tissue, Osteotech has processed in excess of three million tissue grafts without any confirmed reports of disease transmission.”
Mr. Owusu-Akyaw continued, “We want to assure our customers, partners, shareholders, and employees that Osteotech is committed to upholding the highest ethical standards to ensure the safety of all bone tissues processed and released by Osteotech. Osteotech is committed to our ethical and social responsibility to strive for the highest level of safety to ensure public trust in the use of allograft technology for patient care.”
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 February 9, 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.
Osteotech, Inc.
CONTACT: Mark Burroughs of Osteotech, Inc., +1-732-542-2800
Web site: http://www.osteotech.com/
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