ALACHUA, FLA., November 5, 2001 – Regeneration Technologies, Inc., (RTI) (NASDAQ:RTIX) announced today that it has made a $5 million investment in Organ Recovery Systems, Inc. (ORS), a privately held, Chicago-based company dedicated to developing products and services that increase the quality and quantity of organs, tissues and cells for transplantation.

In making this investment, RTI joins several other ORS investors, including venture capital funds NMT NEW MEDICAL TECHNOLOGIES AG (co-founded by Roche and Union Bank of Switzerland), DEXIA VENTURES, IDEO VENTURES, and LIFE SCIENCE HOLDINGS.

"We see ORS as one of the nation’s leading medical technology innovators in the field of transplantation," said Jamie M. Grooms, president and chief executive officer of Regeneration Technologies, Inc. "Their products and services could make a significant contribution to solving the worldwide shortage of organs and tissues for transplant. We feel this type of investment fits into RTI’s core business strategy of driving the development of technologies which provide the optimal biologic solution for improved patient quality of life and the long term success of transplantation."

In addition to the investment, the companies also entered into a three-year Strategic Business Agreement that will focus on the development of innovative technologies for improved cell and tissue preservation. The agreement provides RTI with a right of first refusal to acquire ORS technology for allograft soft tissue and cell transplantation.

Since its inception in October 1998, ORS has been working with leading transplant centers, organ procurement organizations, and university-based researchers to develop a platform of proprietary medical devices, chemical solutions and services designed to significantly improve the recovery, transport, preservation, and assessment of organs, tissues, and cells for transplantation.

"This investment will help us accelerate the development of our programs designed to improve the quantity and quality of solid organs, soft tissues, and stem cells for transplantation," said David Kravitz, chairman and chief executive officer of Organ Recovery Systems. "RTI brings to the relationship an excellent working knowledge of our industry and a deep commitment to improving the field of transplant medicine. They are a natural strategic partner for our innovations in allograft cell and soft tissue technologies."

ORS is developing products and services in three areas: medical devices for improved recovery of kidneys, hearts, livers, and pancreas’ from traditional and non-heart-beating donors; ex-vivo organ perfusion services; and cell and tissue preservation. Much of their solid organ related technology is focused on increasing the availability of organs from donors in the expanded criteria and non-heart-beating donor categories and increasing the time that organs remain viable between donation and transplant. Their cell & tissue research programs concentrate on technology for the improved recovery and preservation of pancreatic islets, allograft heart valves, saphenous veins, and tissue engineered constructs.

The agreement also will bring together scientists from ORS and RTI to research better ways to increase tissues and cells for transplantation. "Our scientists are already working together to study uses of ORS’ improved preservation technologies for human articular and fibrous cartilage as well as improvements in heart valve preservation," said Grooms. "Access to these technologies is particularly beneficial in RTI’s efforts to increase the viability of heart valves at Alabama Tissue Center, our subsidiary in Birmingham."

RTI processes allograft tissue into shaped implants for use in orthopedic and other surgeries. By processing allograft tissue into forms that can be used in many types of surgical procedures (orthopedic, urologic, craniofacial and cardiovascular surgery), RTI enables patients to benefit from the gift of donated tissues. Allografts processed by RTI include the patented MD -Series &153; threaded bone dowels, CORNERSTONE-SR™ blocks, OSTEOFIL® Allograft Paste products RTI processes allograft tissue into shaped implants for use in orthopedic and other surgeries. By processing allograft tissue into forms that can be used in many types of surgical procedures (orthopedic, urologic, craniofacial and cardiovascular surgery), RTI enables patients to benefit from the gift of donated tissues. Allografts processed by RTI include the patented MD -Series ® threaded bone dowels, CORNERSTONE-SR™ blocks, OSTEOFIL® Allograft Paste products and REGENAFIL® Allograft Paste products, FasLata™ fascia lata tissue, and cortical bone pins and interference screws.

Except for historical information, any statements made in this press release about the Company’s anticipated financial results, future operational results or regulatory approvals are forward-looking statements subject to risks and uncertainties such as those described in the Company’s public filings on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results reflected in these forward-looking statements. Copies of the Company’s SEC filings may be obtained by contacting the Company or the SEC or by visiting the SEC’s Web site at www.sec.gov.

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