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BIOMET, INC. ANNOUNCES ITS INTENTION OF INTRODUCING
INTERNALLY DEVELOPED BONE CEMENTS TO THE U.S. MARKETPLACE
Biomet, Inc. (NASDAQ:BMET) announced today that it will broaden the range of
its internally developed and manufactured bone cement product offering.
Cobalt, which was specifically developed for use in minimally-invasive
surgery, will be introduced in the United States toward the end of calendar
year 2005. The superior handling characteristics and high optical contrast of
Cobalt are well suited to the current trends in orthopedic surgery. Offered
with and without antibiotic, Cobalt will be marketed in conjunction with
Biomet's patented Optivac bone cement delivery system.
In an effort to reduce continued dependence on its relationship with Heraeus
Kulzer GmbH, an external supplier of certain bone cements for Biomet, the
Company initiated the development of its own advanced cement systems in order
to remain a market leader in the bone cement and accessories product category.
Cobalt will complement Biomet's Generation 4 Bone Cement System, which is
already on the market in the United States. Kulzer is obligated to supply
Biomet with bone cement in the United States through the end of calendar year
2005 after which time the agreement between the parties will terminate. In the
future the Company also intends to promote its internally developed bone
cement products in markets outside the United States. Biomet's bone cement
sales from external suppliers represent approximately 3% of the Company's
consolidated sales.
Dane A. Miller, Ph.D., Biomet's President and Chief Executive Officer
commented, "Although Biomet and Kulzer have enjoyed a mutually beneficial
relationship, Biomet's pursuit of an internally developed bone cement platform
will provide our customers with advanced bone cement solutions addressing both
traditional and minimally-invasive applications. In addition, we would expect
an improvement in margins as in-house manufacturing of our bone cement systems
become more efficient along with a more reliable supply of product. In
contrast to Biomet's larger competitors, we manufacture virtually all of our
reconstructive implants in-house."
Biomet, Inc and its subsidiaries design, manufacture and market products used
primarily by musculoskeletal medical specialists in both surgical and
non-surgical therapy. The Company's product portfolio encompasses
reconstructive products, including orthopedic joint replacement devices, bone
cements and accessories, and dental reconstructive implants; fixation
products, including electrical bone growth stimulators, internal and external
orthopedic fixation devices, craniomaxillofacial implants and bone substitute
materials; spinal products, including spinal stimulation devices, spinal
hardware and orthobiologics; and other products, such as arthroscopy products
and softgoods and bracing products. Headquartered in Warsaw, Indiana, Biomet
and its subsidiaries currently distribute products in more than 100 countries.
For further information contact Greg W. Sasso, Vice President, Corporate
Development and Communications at (574) 372-1528 or Barbara Goslee, Manager,
Corporate Communications at (574) 372-1514.
This press release contains certain statements that are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
as amended. Although the Company believes that the assumptions, on which the
forward-looking statements contained herein are based, are reasonable, any of
those assumptions could prove to be inaccurate given the inherent
uncertainties as to the occurrence or non-occurrence of future events. There
can be no assurance that the forward-looking statements contained in this
press release will prove to be accurate. Some of the factors that could cause
actual results to differ from those contained in forward-looking statements
made in this press release include the success of the Company's principal
product lines, the Company's ability to develop and market new products and
technologies in a timely manner, including Cobalt and internally developed
bone cement products, supplies and prices of raw materials and products,
government regulation, currency exchange rate fluctuations, reimbursements
from third party payors, litigation, and other risk factors as set forth from
time to time in the Company's filings with the SEC. The inclusion of a
forward-looking statement herein should not be regarded as a representation by
the Company that the Company's objectives will be achieved. The Company
undertakes no obligation to publicly update forward-looking statements,
whether as a result of new information, future events or otherwise.
All of Biomet's financial information may be obtained on our website at
www.biomet.com or you may contact us by
e-mail at
investor.relations@biometmail.com.
All trademarks are owned by Biomet, Inc., or one of its subsidiaries.
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