Majority of IsoTis Stockholders Vote for Integra Acquisition
29/10/2007 22:30
PR Newswire
IRVINE, California, October 29 /PRNewswire/ -- IsoTis, Inc. (NASDAQ: ISOT) ("IsoTis"), an orthobiologics
company, today announced that, at the special meeting of stockholders
re-convened earlier today, IsoTis stockholders have approved the acquisition
of IsoTis by Integra LifeSciences Holdings Corporation (NASDAQ: IART)
("Integra") pursuant to an agreement and plan of merger dated as of August 6,
2007.
The acquisition is expected to close shortly, followed by
settlement of the acquisition price of US$7.25 in cash per share. Following
the merger, shares of IsoTis common stock will cease to be listed on NASDAQ.
About IsoTis
IsoTis is an orthobiologics company that develops,
manufactures and markets proprietary products for the treatment of
musculoskeletal diseases and disorders. IsoTis' current orthobiologics
products are bone graft substitutes that promote the regeneration of bone and
are used to repair natural, trauma-related and surgically-created defects
common in orthopedic procedures, including spinal fusions. IsoTis' current
commercial business is highlighted by its Accell line of products, which the
company believes represents the next generation in bone graft substitution.
On August 7, 2007 Integra and IsoTis announced that they have
reached a definitive agreement to create a global orthobiologics leader. The
combination would create a comprehensive orthobiologics portfolio, one of the
largest sales organizations focused on orthobiologics in the US, and multiple
cross-selling opportunities. The transaction is subject to certain closing
conditions and approvals. Upon closing, IsoTis will become a wholly-owned
subsidiary of Integra and Integra will be one of the largest companies in the
world focused on advanced technology in orthobiologics.
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, including those that refer to management's plans and
expectations for, among other things, future operations, strategies,
prospects, performance and financial condition and IsoTis' proposed
acquisition by Integra. Words such as "strategy," "expects," "plans,"
"anticipates," "believes," "may," "will," "might," "could," "would,"
"continues," "estimates," "intends," "pursues," "projects," "goals,"
"targets" or the negative or other variations thereof and other words of
similar meaning are intended to identify such forward-looking statements. One
can also identify them by the fact that they do not relate strictly to
historical or current facts. Such statements are based on the current
expectations and projections of the management of IsoTis only. Undue reliance
should not be placed on these statements because, by their nature, they are
subject to known and unknown risks and can be affected by factors that are
beyond the control of IsoTis. Actual results could differ materially from
current expectations and projections. Any forward-looking statements are made
pursuant to the Private Securities Litigation Reform Act of 1995 and, as
such, speak only as of the date made. IsoTis undertakes no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For information contact: Rob Morocco, CFO, +1-949-855-7155, robert.morocco@isotis.com; Hans Herklots, Director IR, +1-949-855-7195 or +41-21-620-6011, hans.herklots@isotis.com