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:11/27/2015)... ... 27, 2015 , ... Keeping in mind challenges faced by ... wellness consultation, has collaborated with a leading web-based marketplace for extra-curricular activities for ... parents and bring advice from parenting experts within their reach. As a part ...
(Date:11/27/2015)... ... November 27, 2015 , ... Avid collector, Andrew Hawley from Vintage Rock ... concert posters. This is one of Joplin's most famous and beautiful concert posters. The ... of Michigan in Ann Arbor. The According to Hawley, "It is hard to believe ...
(Date:11/26/2015)... and Cambridge, ON (PRWEB) , ... November 26, ... ... the availability of a real-time eReferral system for diagnostic imaging in the Waterloo ... X-rays, mammography, BMD and Nuclear Medicine tests directly from their electronic medical record ...
(Date:11/26/2015)... ... ... PRMA Plastic Surgery is updating their record books yet again with an ... breast reconstruction surgery! , “What an accomplishment for the PRMA team, says Dr. ... an honor to have served all of these women.” , PRMA is one of ...
(Date:11/26/2015)... ... November 26, 2015 , ... Indosoft Inc., developer and distributor ... application server to improve system efficiency and reliability. , The new Q-Suite 6 platform ... standards, the system avoids locking itself into a specific piece of software for many ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... 26, 2015 ... of the  "2016 Future Horizons and ... Drug Monitoring (TDM) Market: Supplier Shares, ... Opportunities"  report to their offering.  ... the addition of the  "2016 Future ...
(Date:11/26/2015)... 26, 2015 Research and Markets ( ... "2016 Future Horizons and Growth Strategies in ... Shares, Country Segment Forecasts, Competitive Intelligence, Emerging Opportunities" ... --> --> This new ... Italian therapeutic drug monitoring market, including emerging tests, ...
(Date:11/25/2015)... , Nov. 25, 2015 ... addition of the "Global Brain Monitoring ... offering. --> ) has ... Brain Monitoring Devices Market 2015-2019" report ... and Markets ( ) has announced ...
Breaking Medicine Technology: