IsoTis Adjourns Special Meeting to October 26, 2007

    Less Than 350,000 Additional Votes "FOR" Required for Integra Merger

    IRVINE, CA, Oct. 24 /CNW/ - IsoTis, Inc. (NASDAQ:   ISOT) ("IsoTis"), an
orthobiologics company, today announced that it has adjourned the special
meeting of stockholders again, to October 26, 2007, to approve 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,
    The special meeting of stockholders will now be held at 7 a.m. Pacific
time on October 26, 2007 at IsoTis' offices of Latham & Watkins at 650 Town
Center Drive, 20th floor, Costa Mesa, CA.
    In order hold the special meeting, a majority of IsoTis' 7,099,229
outstanding shares (i.e., 3,549,615 shares) must be present at the meeting in
person or by proxy. An insufficient number of shares were present at today's
reconvened meeting to conduct the meeting. Of the 3.4 million shares present,
approximately 3.2 million voted "for" the merger with Integra, representing
94.3% of the votes cast to date, and 45.5 % of all outstanding shares at the
record date.
    Based on recent communications with custodians and brokers, IsoTis is
cautiously optimistic that it will be able to solicit the additional
approximate 350,000 shares before the newly adjourned meeting recommences on
October 26, 2007. Should this not turn out to be the case, IsoTis may adjourn
the meeting again, or may consider calling a new meeting in November 2007 with
a new record date for the stockholders entitled to vote. By setting a new
record date, IsoTis would allow all stockholders, including those who have
acquired shares since the current meeting's record date of August 24, 2007 or
those who will acquire shares before a new record date, an opportunity to vote
on the Integra transaction.
    IsoTis also announced today that its primary creditor, Merrill Lynch, has
agreed to extend the deadline for IsoTis to repay funds borrowed under its
credit line from October 31, 2007 to November 30, 2007.
    The IsoTis Board of Directors continues to believe unanimously that the
interests of IsoTis' stockholders are best served by the acquisition by
Integra, and that there are no feasible alternatives for the company and its
stockholders. If IsoTis is unable to obtain the vote necessary to approve the
proposed transaction, the company believes it will have to seek bankruptcy

    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 approval of IsoTis'
stockholders, as well as other 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

    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.
    A special stockholder meeting was convened on October 11, 2007, adjourned
to October 23, 2007 and again adjourned to October 26, 2007 to obtain
stockholder approval of the proposed transaction. IsoTis has filed with the
Securities and Exchange Commission and distributed to its stockholders a
definitive proxy statement and other relevant documents in connection with the
special stockholder meeting for the proposed transaction. IsoTis stockholders
are urged to read the definitive proxy statement and other relevant materials
when they become available because they will contain important information
about IsoTis, Integra and the proposed transaction. Investors may obtain a
free copy of these materials and other documents filed by IsoTis with the
Securities and Exchange Commission at the SEC's website at,
at IsoTis' website at or by sending a written request to
IsoTis at 2 Goodyear, Irvine, California 92618, Attention: Chief Financial
Officer. IsoTis and its directors, executive officers and certain other
members of management and employees may be deemed to be participants in
soliciting proxies from its stockholders in favor of the proposed merger.
Information regarding the persons who may, under the rules of the SEC, be
considered to be participants in the solicitation of IsoTis' stockholders in
connection with the proposed transaction will be set forth in IsoTis' revised
definitive proxy statement for its special meeting. Additional information
regarding these individuals and any interest they have in the proposed
transaction is set forth in the revised definitive proxy statement when it is
filed with the SEC.

For further information:

For further information: Rob Morocco, CFO, (949) 855-7155,; Hans Herklots, Director IR, (949) 855-7195 or

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890