EATONTOWN, N.J., Dec. 11 Osteotech, Inc.(Nasdaq: OSTE), a leader in the emerging field of biologic products forregenerative healing, announced today that its Board of Directors hasauthorized a stock repurchase program under which up to $5.0 million ofOsteotech's common stock may be acquired. Stock repurchases may be executedfrom time to time at current market prices through open-market and privatelynegotiated transactions in such amounts as management deems appropriate. Thefinal number of shares repurchased will depend on a variety of factorsincluding price, corporate and regulatory requirements and other marketconditions. The repurchase program may be terminated at any time withoutprior notice.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,stated, "The authorization of the stock repurchase program by Osteotech'sBoard of Directors demonstrates the confidence the Board of Directors has inthe long-term prospects of Osteotech. The management team and the Board ofDirectors feel our shares are currently undervalued and believe the repurchaseprogram is an excellent way to enhance the long-term value of the Company."
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a globalleader in providing OsteoBiologic solutions for regenerative medicine tosupport surgeons and their patients in the repair of the musculoskeletalsystem through the development of innovative therapy-driven products thatalleviate pain, promote biologic healing and restore function. For furtherinformation regarding Osteotech or this press release, please go toOsteotech's website at http://www.osteotech.com.
Certain statements made throughout this press release that are nothistorical facts contain forward-looking statements (as such are defined inthe Private Securities Litigation Reform Act of 1995) regarding the Company'sfuture plans, objectives and expected performance. Any such forward-lookingstatements 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 fromthose expressed or implied by such forward-looking statements. Factors thatcould cause actual results to differ materially include, but are not limitedto, the Company's ability to develop and introduce new products, differencesin anticipated and actual product and service introduction dates, the ultimatesuccess of those products in the marketplace, the continued acceptance andgrowth of current products and services, the impact of competitive productsand services, the availability of sufficient quantities of suitable donatedtissue and the success of cost control and margin improvement efforts. Certainof these factors are detailed from time to time in the Company's periodicreports filed with the Securities and Exchange Commission. All information inthis press release is as of December 11, 2008 and the Company does not intendto update this information.
SOURCE Osteotech, Inc.