EATONTOWN, N.J., March 4 /PRNewswire-FirstCall/ -- Osteotech, Inc. , a leader in the emerging field of biologic solutions for regenerative medicine, announced today that it has entered into a three-year agreement with Harvest Technologies Corporation to distribute the BMAC(TM) (Bone Marrow Aspirate Concentrate) System. Under the agreement, Osteotech has the exclusive right to distribute the BMAC(TM) System for bone regeneration in orthopedic and spinal surgical procedures in most of the United States.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer, stated, "Osteotech is very excited to partner with Harvest for the distribution of the BMAC(TM) System. We believe Harvest's proprietary BMAC(TM) System will complement Osteotech's proprietary technologies in Biocomposite, which includes the Plexur P(TM) and Plexur M(TM), and DBM, furthering Osteotech's regenerative healing equation - Matrix + Signal + Cell."
Mr. Owusu-Akyaw concluded, "We expect to begin to distribute the BMAC(TM) System before the end of the second quarter of 2008. We are currently putting the finishing touches on our roll-out plan and will begin training our sales team shortly. In conjunction with Harvest, we will introduce the BMAC(TM) System at the American Academy of Orthopedic Surgeons 2008 Annual Meeting, March 5 through 7, 2008, in San Francisco, California."
The BMAC(TM) System, developed and manufactured by Harvest, is the first "point-of-care" platform that makes possible the use of a clinically significant quantity of cellular compositions from a small aspirate of bone marrow. The BMAC(TM) System derives bone marrow aspirate concentrate, which is a rich source of autologous adult stem cells, in just 15 minutes.
Harvest, a privately held company based in Plymouth, Massachusetts, has a rich tradition of innovative technologies that are designed to process and concentrate autologous cells and proteins. The BMAC(TM) System incorporates a proprietary floating shelf technology which provides the highest mononuclear cell yield with enhanced viability, osteogenicity and angiogenesis in both animal and in-vitro testing.
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 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 March 4, 2008 and the Company does not intend to update this information.
