IsoTis also announced today that its primary creditor, Merrill Lynch, has agreed to extend the deadline for IsoTis to repay funds borrowed under its credit line from October 31, 2007 to November 30, 2007.
The IsoTis Board of Directors continues to believe unanimously that the interests of IsoTis' stockholders are best served by the acquisition by Integra, and that there are no feasible alternatives for the company and its stockholders. If IsoTis is unable to obtain the vote necessary to approve the proposed transaction, the company believes it will have to seek bankruptcy protection.
IsoTis is an orthobiologics company that develops, manufactures and markets proprietary products for the treatment of musculoskeletal diseases and disorders. IsoTis' current orthobiologics products are bone graft substitutes that promote the regeneration of bone and are used to repair natural, trauma-related and surgically-created defects common in orthopedic procedures, including spinal fusions. IsoTis' current commercial business is highlighted by its Accell line of products, which the company believes represents the next generation in bone graft substitution.
On August 7, 2007 Integra and IsoTis announced that they have reached a
definitive agreement to create a global orthobiologics leader. The
combination would create a comprehensive orthobiologics portfolio, one of
the largest sales organizations focused on orthobiologics in the US, and
multiple cross-selling opportunities. The transaction is subject to
approval of IsoTis' stockholders, as well as other closing conditions and
|SOURCE IsoTis Inc|
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