Orthovita, Inc. (NASDAQ:VITA), a leading orthobiologics and biosurgery
company, today announced that product sales for the third quarter of
2009 were $22.3 million, an 8% increase over product sales of $20.6
million in the third quarter of 2008. For the first nine months of 2009,
product sales increased 22% to $68.5 million compared to $56.1 million
for the first nine months of 2008. Results for the three and nine months
ended September 30, 2009 include $400,000 from the sale of Cortoss™, the
Company’s novel synthetic biomaterial that was cleared by the FDA in
June 2009 for the treatment of vertebral compression fractures.
Orthovita initiated a limited, controlled launch of Cortoss in July 2009
using a small group of its highly trained direct sales representatives
and broadened the launch to its entire sales force for the fourth
quarter of 2009.
The Company plans to release complete financial results for the third
quarter of 2009 on November 4, 2009.
Conference Call
Antony Koblish, President and Chief Executive Officer, and Nancy C.
Broadbent, Senior Vice President and Chief Financial Officer of
Orthovita, will host a conference call at 8:30 a.m. Eastern Time on
Thursday, November 5, 2009 to review and discuss the third quarter 2009
financial results. The phone number to join the conference call from
within the U.S. is (888) 815-2919, and from outside the U.S. is (706)
643-3675; the conference identification number is 35689143. Listeners
are advised to dial in ten minutes prior to the scheduled start time for
the conference call. A replay of the conference call will be available
for two weeks beginning November 5, 2009 at 11:30 a.m. Eastern Time, and
ending November 19, 2009, at 11:59 p.m. Eastern Time. You may listen to
the replay by dialing within the U.S. (800) 642-1687 or by dialing from
outside the U.S. (706) 645-9291. The replay identification number is
35689143.
About the Company
Orthovita is an orthobiologics and biosurgery company that develops and
markets novel medical devices. Our orthobiologics platform offers
products for the fusion, regeneration, and fixation of human bone. Our
biosurgery platform offers products for controlling intra-operative
bleeding, also known as hemostasis. Our current fusion and regeneration
products are based on our proprietary VitossTM Bone Graft
Substitute technology and address the non-structural bone graft market
with synthetic, bioactive alternatives to patient- and cadaver-derived
bone tissue. CortossTM Bone Augmentation Material, an
injectable, polymer composite that mimics the structural characteristics
of human bone, provides the basis for our fixation portfolio. Cortoss
received clearance in June 2009 for vertebral augmentation. Our
hemostasis portfolio includes VitagelTM Surgical Hemostat, a
unique, collagen-based matrix that controls bleeding and facilitates
healing, and Vitasure™ Absorbable Hemostat, a plant-based product that
can be deployed quickly throughout surgery.
Disclosure Notice
This press release may contain forward-looking statements regarding
Orthovita’s current expectations of future events that involve risks and
uncertainties, including, without limitation, the demand and market
acceptance of our products, including Cortoss, our ability to
successfully launch Cortoss, our ability to achieve our sales and net
loss forecast for 2009, and other aspects of our business. Such
statements are based on management’s current expectations and are
subject to a number of substantial risks and uncertainties that could
cause actual results or timeliness to differ materially from those
addressed in the forward-looking statements.
Factors that may
cause such a difference are listed from time to time in reports filed by
the Company with the U.S. Securities and Exchange Commission (SEC),
including but not limited to risks described in our most recently filed
Form 10-K under the caption "Risk Factors.”
Further
information about these and other relevant risks and uncertainties may
be found in Orthovita’s filings with the SEC, all of which are available
from the SEC as well as other sources. Orthovita undertakes no
obligation to publicly update any forward-looking statements.