EATONTOWN, N.J., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Osteotech,
Inc. (Nasdaq: OSTE), a leader in the emerging field of biologic
products for regenerative healing, announced today that its patent
supporting the innovative Plexur M® Technology has been selected to
receive the Research and Development Council of New Jersey's 31st Thomas Alva Edison Patent
Award in the medical category. Osteotech was chosen from a
broad field of nominees comprised of New
Jersey small businesses, government laboratories and
universities.
The patent, entitled "Formable and Settable Polymer Bone
Composite and Method of Production Thereof," U.S. Patent 7,291,345,
supports Plexur M, Osteotech's bone-polymer composite of
bioresorbable polymer and cortical bone fibers used in a variety of
orthopedic procedures. One of Osteotech's proprietary biologics,
Plexur M is highly differentiated from competing products by being
the only radiopaque, moldable, settable and machinable bone graft
implant that completely remodels into new bone.
"This award further underscores the market-leading technology
that Osteotech has pioneered throughout the years, and we are
honored to receive this recognition," said Sam Owusu-Akyaw,
Osteotech's President and Chief Executive Officer. "Plexur M
has continued to gain traction within the surgeon community and is
widely used in orthopedic trauma, joint replacements, and
oncology-related procedures. We would like to thank our
internal research and development team for their outstanding
contributions that have enabled Osteotech to create a portfolio of
products and technologies that are advancing the standards of care
within the biologics industry."
Osteotech will receive its award during the 31st Thomas Alva
Edison Patent Awards ceremony and reception to be held on
November 4, 2010 at the Liberty
Science Center in Jersey City,
NJ.
About the Research and Development Council of New Jersey
The Research and Development Council of New Jersey is a nonprofit organization
dedicated to cultivating an environment that supports the
advancement of research and development throughout New Jersey. The Council is composed of
senior representatives from industry, academia and government and
many members represent today's Fortune 500 companies. The
Council established the Thomas Alva Edison Patent Award to
recognize and honor New Jersey's
scientists and inventors. More information on the Council and
the 31st Thomas Alva Edison Patent Awards can be found at:
www.rdnj.org.
About Osteotech
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in
providing biologic 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, please
go to Osteotech's website at www.osteotech.com.
Certain statements made throughout this press release that
are not historical facts are forward-looking statements (as 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 successfully execute
on any strategic alternatives, its 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. For a more detailed discussion of certain of
these factors, see the Company's periodic reports filed with the
Securities and Exchange Commission from time to time, including the
latest Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. All information in this press release is as of November 3, 2010 and the Company does not intend
to update this information.
SOURCE Osteotech, Inc.