EATONTOWN, N.J., March 4 /PRNewswire-FirstCall/ — Osteotech, Inc.(Nasdaq: OSTE), a leader in the emerging field of biologic products for regenerative healing, today reported financial results for the fourth quarter and full year ended December 31, 2008.
“The last twelve months were an important transitional time for Osteotech. Our entire team worked diligently to execute our corporate strategy to leverage the Company’s proprietary technology portfolio into unique, procedure-driven products providing a stable platform to support long-term sales growth and profitability,” said Sam Owusu-Akyaw, President and Chief Executive Officer of Osteotech. “We continued to receive U.S. Food and Drug Administration (FDA) clearances for new products and our 2009 plan includes the launch of our MagniFuse(TM) Bone Graft and Plexur M(TM) Biocomposite, the re-launch of the Plexur P(R) platform and the unveiling of our first product based upon our proprietary human collagen technology
platform, the DuraTech(TM) BioRegeneration Matrix. Complementing our progress within product development, we have also continued to execute our strategy to streamline and strengthen our access-based agency sales model. We remain encouraged by the progress we are making in these strategies and believe that once these initiatives are fully executed we will be well positioned to emerge as a leader in regenerative and biologic healing.”