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OSTEOTECH ANNOUNCES ALZA SETTLEMENT

 OSTEOTECH ANNOUNCES ALZA SETTLEMENT
 SHREWSBURY, N.J., Jan. 21 /PRNewswire/ -- Patrick McBrayer,


president and chief executive officer of Osteotech, Inc. (NASDAQ: OSTE), announced today that Osteotech and ALZA Corporation have agreed to terminate a joint development agreement initiated in 1987.
 Under the terms of the settlement, ALZA is granted all rights to the products and the technical information related thereto that were the subject of the agreement and Osteotech is relieved from making any further payments to ALZA. As a result, Osteotech will realize a one- time benefit of $670,000 before taxes in its first quarter of 1992.
 McBrayer stated that he was very pleased with the settlement. He said that the company will continue its efforts to develop its own proprietary sustained release technology for application in musculoskeletal medicine using systems unrelated to those which were the subject of the agreement.
 Osteotech is the leading processor of human bone and bone connective tissue for transplantation, and an innovator in the development of tissue-related biomaterials and pharmaceutical delivery systems for musculoskeletal surgery.
 -0- 1/21/92
 /CONTACT: Michael J. Jeffries of Osteotech, 908-542-2800/
 (OSTE) CO: Osteotech Inc. ST: New Jersey IN: MTC SU:


SH-CK -- NY048 -- 1749 01/21/92 11:06 EST
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Publication:PR Newswire
Date:Jan 21, 1992
Words:203
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