Regeneration Technologies, Inc. Issues Voluntary Recall
BY JOHN MCCORMICK, OCTOBER 14, 2005
Regeneration Technologies, Inc. (RTI) (Nasdaq: RTIX), the highly reputable allograft industry leader, said this morning that it issued a voluntary recall of allograft implants that have been processed from donor tissue received from Biomedical Tissue Services. RTIX attributed this to donor documentation issues.
Importantly, the company said it is no longer working with BTS and had begun quarantine and market withdrawal processes. The company estimates that the recall will lead to a $3 million third-quarter charge.
BTS is an unaffiliated donor recovery organization and RTIX has tissue recovery relationships with more than 300 other organizations that are not affected by this recall.
In a press release issued this morning, CEO Brian Hutchinson stated that "although RTI tissue preparation processes are validated to further ensure the safety of the tissue, we feel that it is best to act with an abundance of caution," and "We continue to cooperate with the appropriate authorities on this issue."
