EATONTOWN, N.J., April 18 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE), a leader in the emerging field of biologic solutions for regenerative medicine, announced today that it has renewed its exclusive tissue recovery agreement with The Euro Atlantic Transplant Alliance ("EATA"), a Bulgarian public non-profit foundation. The agreement, which was effective April 1, 2008, is for an initial term of seven years and automatically renews for successive four year terms unless a written notice of intent to terminate is provided by either party at least twelve months prior to the end of the initial, or any renewal term. This new agreement replaces a previous agreement that was due to expire in early 2009.
Sam Owusu-Akyaw, President and Chief Executive Officer of Osteotech, stated, "We are very pleased to renew our relationship with the Republic of Bulgaria and the EATA. Through the tissue recovery efforts of both organizations over the past five years, Osteotech has been able to use its processing and product technologies to bring safe and clinically effective OsteoBiologic products to the European market for use by surgeons to alleviate pain, promote biologic healing and restore function."
Dr. Roman A. Hitchev, President and Chief Medical Officer of TB
Osteocentre Bulgaria EAD, an indirect wholly-owned subsidiary of Osteotech,
commented, "We have had an excellent working relationship with the EATA
over the last five years and together have established a successful tissue
recovery system in the Republic of Bulgaria. We look forward to continuing
our outstanding relationship with the EATA and, working with the EATA, to
successfully integrate the Bulgarian tissue recovery and transplantation
system into the tissue exchange
|SOURCE Osteotech, Inc.|
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