EDISON, N.J., Nov. 15 /PRNewswire/ -- The Musculoskeletal Transplant Foundation, Inc. (MTF), the nation’s largest tissue bank, announced today that it has signed an agreement to acquire the assets that were part of the American Red Cross Tissue Services unit, a business unit operating within the Biomedical Services division of the American Red Cross. American Red Cross Tissue Services (ARCTS) has been operating out of 13 locations across the country and is one of the largest and oldest tissue banks in the U.S. The transaction is expected to close by the end of January 2005, subject to the satisfaction of certain closing conditions.
“We have always appreciated MTF’s commitment to safety, excellence, and respect for the donor family - values which we share,” noted Henry Korent, Vice President of American Red Cross Tissue Services. “Their impeccable reputation and status as a 501(c)3 non-profit organization made them the best choice to advance the efforts we have made to improve lives through tissue donation.”
“The American Red Cross Tissue Services unit has made significant contributions to the tissue banking field over the years. We are excited to have this opportunity to expand our services and organization throughout the United States,” stated Bruce Stroever, President and CEO of MTF. “Because of MTF’s commitment to returning donor tissue to the local community, this transaction will ensure that surgeons and hospitals who have used Red Cross tissue in the past will have continued access to those tissue grafts. In addition, such customers will now have improved access to MTF’s proprietary grafts for their patients.”
“This decision will allow the American Red Cross to operate more effectively and efficiently,” stated Mr. Korent. According to Mr. Korent, “The American Red Cross made the decision to end its program of procuring and distributing tissue and exit the tissue services business to focus its efforts on the organization’s core missions of disaster relief and blood services.”
The acquisition will expand MTF’s tissue services in 12 states including South Carolina, Illinois, Ohio and Indiana. MTF will acquire ARCTS’ cardiovascular and skin processing facility, located in Costa Mesa, California, and its donor management center in Eagan, Minnesota, as well as certain other ARCTS facilities.
MTF, through its affiliated organ procurement and tissue recovery agencies, recovers musculoskeletal tissues (bone, tendons and ligaments) from over 5,500 donors annually, and will provide more than 330,000 tissue allografts to an estimated 235,000 patients in 2004. American Red Cross Tissue Services has recovered tissues from over 2,000 donors annually, distributing approximately 100,000 tissue allografts to patients in the United States.
Since its founding in 1987, MTF has received almost 40,000 donations of tissue. These donations come to MTF through the efforts of its member organ procurement organizations, tissue and eye banks, and medical teaching academic institutions. MTF tissue is used to enhance the lives of patients in need of joint reconstruction, limb salvage for orthopaedic cancers and spinal deformities. MTF is located in Edison, New Jersey, with additional facilities in Jessup, Pennsylvania; Redlands, California and Madison, Wisconsin. MTF is accredited by the American Association of Tissue Banks.
Musculoskeletal Transplant Foundation, Inc.
CONTACT: Cindy Gordon, Insight Communication, +1-609-252-1300,cgordon@insightcom.biz, for Musculoskeletal Transplant Foundation