EATONTOWN, N.J., Oct. 16 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE) announced today that it has entered into a tissue supply agreement with LifeNet Health, Inc. Pursuant to the agreement, LifeNet Health will provide Osteotech with tissue which will be utilized by Osteotech for its core DBM, Biocomposite and Collagen Technologies. The agreement was effective September 1, 2007, has an initial five-year term which can be terminated earlier by either party on six months notice, and automatically renews for successive two-year terms unless terminated by either party six months prior to renewal. Osteotech currently has an agreement with LifeNet Health and its distribution partner, Depuy Spine, for the processing and distribution of a private label DBM.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer, commented, "We are extremely pleased to have expanded our relationship with LifeNet Health. We respect and support LifeNet Health's commitment to saving lives and restoring health. LifeNet Health has an excellent reputation and their commitment to tissue donation is outstanding."
Mr. Owusu-Akyaw continued, "Our tissue supply arrangements with LifeNet Health and Community Tissue Services provide a strong foundation for our tissue needs in future years. We will continue to pursue our strategic initiatives to establish additional relationships with other tissue recovery organizations and tissue banks."
LifeNet Health, founded in 1982, is a full service biomedical tissue banking system and a leading non-profit organ and tissue donation agency whose mission is saving lives and restoring health. LifeNet Health provides recovery and processing services for musculoskeletal and cardiovascular tissues, distributing more than 225,000 biomedical implants every year to restore health to patients around the world.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in providing OsteoBiologic solutions to surgeons and patients for 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 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, 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 October 17, 2007 and the Company does not intend to update this information.
|SOURCE Osteotech, Inc.|
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