Healthcare Industry News: PEEK
News Release - May 5, 2006
Osteotech Enters Into Agreement With PremierEATONTOWN, N.J., May 5 (HSMN NewsFeed) -- Osteotech, Inc. (Nasdaq: OSTE ) announced today that it has entered into an agreement with Premier, Inc., one of the largest group purchasing organizations in the United States, supporting nearly 1,500 hospitals and more than 38,500 other healthcare sites. Under the terms of this agreement, Osteotech will have the opportunity to provide Premier's participating members with Osteotech's line of proprietary products, including Grafton® DBM, Graftech® Bio-implants and Xpanse(TM) Bone Inserts, as well as traditional allograft bone tissue grafts and Osteotech's PEEK-based GraftCage® Spacers. The term of the agreement is for thirty-six months effective July 1, 2006.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer, stated, "We are very pleased to have entered into this agreement with Premier, which represents another milestone in the execution of our strategic initiatives. Under the agreement, we were successful in receiving an award as a full-line biologics provider and look forward to working with Premier's participating members to meet and exceed their orthobiologic needs."
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 May 5, 2006 and the Company undertakes no duty to update this information.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a leading provider of human bone and bone connective tissue for transplantation and an innovator in the development and marketing of biomaterial and implant products for musculoskeletal surgery. For further information regarding Osteotech or this press release, please go to Osteotech's website homepage at http://www.osteotech.com and to Osteotech's Financial Information Request Form website page at http://www.osteotech.com/finrequest.htm.
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