Navigation Links
Osteotech Announces the Unexpected Passing of Audit Committee Member Leads to Receipt of Nasdaq Deficiency Letter

EATONTOWN, N.J., May 2 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE) announces today that on April 28, 2008, it received a Nasdaq Staff Deficiency Letter in response to its notification to Nasdaq that Robert W. Gunn, an independent director and a member of the Board of Directors' Audit and Compensation Committees, passed away unexpectedly on April 22, 2008. As a result, Osteotech has only two independent directors serving on its Audit Committee and is not in compliance with the Audit Committee composition requirements for continued listing set forth in Nasdaq Marketplace Rule 4350(d)(2)(A). Pursuant to Nasdaq's letter, Osteotech has until October 20, 2008 to regain compliance with the Audit Committee composition requirements or it will be subject to delisting from the Nasdaq Stock Market. Osteotech was expecting the letter it received from Nasdaq and the Nominating and Corporate Governance Committee of the Board of Directors is currently seeking to identify a suitable candidate for appointment to the Board of Directors who will satisfy the Nasdaq Marketplace requirements for serving on the Audit Committee. Osteotech anticipates that it will be able to identify and appoint a suitable candidate prior to October 20, 2008.

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 or this press release, please go to Osteotech's website at

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 May 2, 2008 and the Company does not intend to update this information.

SOURCE Osteotech, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Osteotech Engages BioHorizons as Exclusive Distributor to International Dental Market
2. Osteotech Signs Agreement To Distribute Harvest Technologies BMAC(TM) System
3. Osteotech Reports 2007 Third Quarter Financial Results; Core Segment Revenue Increased 28%; Gross Margin Improved to 55%; Diluted Earnings Per Share of $.09
4. Osteotech Announces Third Quarter Earnings Release and Conference Call Schedule
5. Osteotech Completes Tissue Supply Agreement With LifeNet Health
6. Osteotech to Present at First Albany Capitals Regenerative Technologies Conference in New York
7. Lifetime Television Proudly Announces October Marquee Event Original Movie, Living Proof Starring Emmy(R) and Grammy(R) Award Winner Harry Connick, Jr.
8. Hear Indiana Announces Talk*Walk*Run 2008
9. Parkview Christian Center Announces September 2008 Opening of Outreach Ministry Building
10. Thermage, a Leading Aesthetic Medical Device Company, Announces First Time Exhibitor Status at ACOG Meeting
11. AVEENO(R) Announces Sponsorship and Kick-Off of The Skin Cancer Foundations Road to Healthy Skin Tour Presented by AVEENO(R) and Rite Aid
Post Your Comments:
(Date:11/30/2015)... Minneapolis, MN (PRWEB) , ... November 30, 2015 ... ... launched at . The directory is specialized and only includes chiropractic ... is to find a competent and trustworthy alternative health practitioner when back pain ...
(Date:11/30/2015)... ... November 30, 2015 , ... ... vehicle experience this summer, ushering in a new era of publicly accessible automated ... electric shuttle, will continue to offer guests an up-close look at the shuttle ...
(Date:11/30/2015)... ... 2015 , ... In an effort to provide local families ... Christian Church of Flint, MI, hosted a family-oriented evening themed on “Candy Land”, ... candy dubbed “Candy Mountain”. , A Forever Recovery, a holistic treatment center for ...
(Date:11/30/2015)... ... November 30, 2015 , ... In an effort to ... to access life-saving information provided directly from top experts in mesothelioma, in 2016 ... conferences in three major cities: Houston, San Francisco, and Chicago. , “For ...
(Date:11/30/2015)... VA (PRWEB) , ... November 30, 2015 , ... ... Foundation kicked off its annual fundraising campaign to raise funds for its research, ... raises approximately 10% of the organization’s annual funding. , The Mesothelioma Applied Research ...
Breaking Medicine News(10 mins):
(Date:11/30/2015)... Die MEDTEC Japan 2016, ... Entwicklung und Herstellung medizinischer Geräte, findet ... in Tokyo ... Foto: ... --> ...
(Date:11/30/2015)... India , December 1, 2015 /PRNewswire/ ... --> adds "Endometriosis - Pipeline ... provides an overview on therapeutic pipeline of ... to create effective counter strategies to gain ... identifying new targets and MOAs to produce ...
(Date:11/30/2015)... Nevro Corp. (NYSE: NVRO ), a global ... the treatment of chronic pain, today announced that the Patent ... Trademark Office (USPTO) has denied instituting an inter partes ... patent).  --> --> ... filed two petitions challenging the validity of certain claims of ...
Breaking Medicine Technology: