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IsoTis OrthoBiologics

IsoTis Closes on $20 Million Credit Facility With Merrill Lynch Capital & Silicon Valley Bank

Irvine, California (ots/PRNewswire)

IsoTis, Inc. (NASDAQ: ISOT),
the orthobiologics company, today announced it has secured a $20
Million credit facility with Merrill Lynch Capital, a division of
Merrill Lynch Business Financial Services Inc., and Silicon Valley
Bank.
The three-year $20 million credit facility has two components: a
$10 million term loan and a $10 million revolving line of credit.
This credit facility expands on and replaces the $5 million credit
facility IsoTis closed on in June 2006 with Silicon Valley Bank. The
$10 million term loan will be repaid in equal monthly installments
over 30 months, beginning on January 1, 2008. The Company would be
required to prepay $7.5 million of the term loan on September 1, 2007
if it fails to raise a threshold amount of additional capital by
August 31, 2007.
Pieter Wolters, President and CEO of IsoTis said: "The proceeds of
the Merrill Lynch Capital credit facility, in combination with the
proceeds of other recent transactions, improves our cash position
while we are considering the various financing alternatives necessary
to fund our current operations."
About IsoTis, Inc.
IsoTis is a leading 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.
About Merrill Lynch Capital
Merrill Lynch Capital, a division of Merrill Lynch Business
Financial Services Inc., is a leading commercial finance business
providing a broad range of structured financing solutions to middle
market companies nationwide. Based in Chicago and with regional
offices throughout the country, Merrill Lynch Capital is focused on
four market segments: corporate finance, equipment finance,
healthcare finance and real estate finance. The Healthcare Finance
Group of Merrill Lynch Capital provides senior financing solutions
for middle market healthcare companies, offering cash flow, asset,
life sciences related and real estate based credit facilities and
junior secured debt, and equity co-investments. Merrill Lynch Capital
is an affiliate of Merrill Lynch Bank USA. For more information,
please visit www.mlcapital.ml.com.
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 future operations, prospects
and financial condition. Words such as "strategy," "expects,"
"plans," "anticipates," "believes," "will," "continues," "estimates,"
"intends," "projects," "goals," "targets" 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 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 due to a number of
factors and uncertainties affecting IsoTis' business, including, but
not limited to, the Company's need to raise additional capital to
continue operations, a competitive sales and marketing environment,
the timely commencement and success of IsoTis' clinical trials and
research endeavors, delays in receiving U.S. Food and Drug
Administration or other regulatory approvals (i.e.,. EMEA, CE),
including the risk that the FDA determines that our Accell Putty and
Accell TBM products are not human tissue or class II medical devices,
that the Company is unable to obtain 510(k) clearance for its Accell
products, that the FDA requires the Company to obtain premarket
approval of its Accell products prior to continuing their marketing,
that the FDA requires the Company to produce additional clinical data
to support approval or clearance of its products, that the FDA
imposes compliance measures against the Company for the marketing of
its Accell products, including imposing fines and injunctions or
causing the Company to recall its Accell products, market acceptance
of IsoTis' products, effectiveness of IsoTis' distribution channels,
development of competing therapies and/or technologies, the terms of
any future strategic alliances, the need for additional capital, the
inability to obtain, or meet, conditions imposed for required
governmental and regulatory approvals and consents. IsoTis expressly
disclaims any intent or obligation to update these forward-looking
statements except as required by law. For a more detailed description
of the risk factors and uncertainties affecting IsoTis, refer to the
Annual Report on Form 20-F for the fiscal year ended December 31,
2006 of IsoTis S.A. (the predecessor to IsoTis, Inc.), and its other
reports filed with the SEC, IsoTis S.A.'s reports filed from time to
time with the Swiss Stock Exchange (SWX), Euronext Amsterdam N.V.,
SEDAR at www.sedar.com and the Toronto Stock Exchange (TSX) and the
quarterly report on Form 10-Q for the quarter ended March 31, 2007
and other reports filed with the SEC from time to time by IsoTis,
Inc.

Contact:

Contact: Rob Morocco, CFO,+1-949-855-7155 ,
robert.morocco@isotis.com; Hans Herklots, Director IR,
+1-949-855-7195 or +41-21-620-6011, hans.herklots@isotis.com

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  • 09.05.2007 – 14:28

    IsoTis to Release First Quarter 2007 Results on May 15

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