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 system of the European Union."
Dr. Galina V. Balabanova, M.D., Executive Director of the EATA, remarked, "Osteotech and Osteocentre Bulgaria have been excellent partners and supporters of tissue banking in Bulgaria. They have a rich tradition in technological advancement and quality. Osteotech is also a key financial supporter of the collaboration we have with the Scoliosis Research Society, which allows us to provide pediatric spinal deformity surgery for children without healthcare insurance coverage."
The EATA, a public non-profit foundation authorized under the Bulgarian Transplant Law of 2007 and organized under the Bulgarian Public Foundations Law of 2001, is responsible for funding healthcare projects in Bulgaria for the public benefit, tissue transplantation, international patient referral services and pediatric spinal deformity surgery for children without healthcare insurance coverage. The EATA also provides financial management and fundraising to hospitals and providers participating in the Bulgarian national donor recovery network.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in providing OsteoBiologic 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, this press release or the conference call, please go to Osteotech's website at http://www.osteotech.com.
Certain statements made throughout 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 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 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. Certain of these factors are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. All information in this press release is as of April 18, 2008 and the Company does not intend to update this information.
|SOURCE Osteotech, Inc.|
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