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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[_] Check box if no longer subject of Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
________________________________________________________________________________
1. Name and Address of Reporting Person
Jeffries Michael J
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(Last) (First) (Middle)
c/o Osteotech, Inc.
51 James Way
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(Street)
Eatontown NJ 07724
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Osteotech, Inc. (OSTE)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
May 1999
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5. If Amendment, Date of Original (Month/Year)
________________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Executive Vice President, Chief Operating Officer and
Chief Financial Officer
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 5/12/99 M 16,875 A $ 2.9170
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Common Stock 5/12/99 S 10,000 D $39.3750
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Common Stock 5/12/99 S 6,875 D $38.9375
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Common Stock 5/12/99 M 2,595 A $ 3.8330
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Common Stock 5/12/99 S 1,095 D $39.4375
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Common Stock 5/12/99 S 1,500 D $39.1250
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Common Stock 5/12/99 M 11,030 A $ 3.5830
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Common Stock 5/12/99 S 3,125 D $38.9375
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Common Stock 5/12/99 S 5,000 D $39.859375
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Common Stock 5/12/99 S 2,905 D $39.4375
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Common Stock 5/13/99 M 10,530 A $ 3.8330
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Common Stock 5/13/99 S 6,000 D $38.0000
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Common Stock 5/13/99 S 1,000 D $38.1875
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Common Stock 5/13/99 S 1,000 D $38.9375
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Common Stock 5/13/99 S 2,000 D $38.0000
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Common Stock 5/13/99 S 530 D $38.0625
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Common Stock 5/13/99 M 2,970 A $ 4.4170
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Common Stock 5/13/99 S 2,970 D $38.0625
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Common Stock 5/14/99 M 4,000 A $ 4.4170
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Common Stock 5/14/99 S 4,000 D $37.0625
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Common Stock 5/20/99 M 1,000 A $ 4.4170
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Common Stock 5/20/99 S 1,000 D $37.0625
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Common Stock 5/21/99 M 2,500 A $ 4.4170
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Common Stock 5/21/99 S 2,000 D $37.0000
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Common Stock 5/21/99 S 500 D $37.0625 75,049(a) D --
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Print or Type Responses) SEC 1474 (8-92)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock
Option (b) Common
(Right to buy) $2.917(c) 5/12/99 M 16,875(d) (e) (f) Stock 16,875(d) -- -- --
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Employee Stock
Option (b) Common
(Right to buy) $3.833(c) 5/12/99 M 2,595(d) 12/6/97 12/6/06 Stock 2,595(d) -- -- --
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Employee Stock
Option (b) Common
(Right to buy) $3.583(c) 5/12/99 M 11,030(d) (g) (h) Stock 11,030(d) -- -- --
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Employee Stock
Option (b) Common
(Right to buy) $3.833(c) 5/13/99 M 10,530(d) (i) 12/6/06 Stock 10,530(d) -- -- --
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Employee Stock
Option (b) Common
(Right to buy) $4.417(c) 5/13/99 M 2,970(d) 12/7/96 12/7/05 Stock 2,970(d) -- -- --
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Employee Stock
Option (b) Common
(Right to buy) $4.417(c) 5/14/99 M 4,000(d) (j) 12/7/05 Stock 4,000(d) 4,280 -- --
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Employee Stock
Option (b) Common
(Right to buy) $4.417(c) 5/20/99 M 1,000(d) 12/7/97 12/7/05 Stock 1,000(d) -- -- --
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Employee Stock
Option (b) Common
(Right to buy) $4.417(c) 5/21/99 M 2,500(d) 12/7/97 12/7/05 Stock 2,500(d) 780 -- --
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</TABLE>
Explanation of Responses:
(a) On March 19, 1999 Common Stock of Osteotech, Inc. split 3-for-2 resulting
in the issuance to the reporting person of 25,002 additional shares of
common stock.
(b) Granted under the Company's 1991 Stock Option Plan and qualified under Rule
16b-3.
(c) Pursuant to an adjustment component of the option, the exercise price was
adjusted to reflect a 3-for-2 split on March 19, 1999.
(d) Pursuant to an adjustment component of the option, the aggregate number of
shares issuable upon exercise of the option was adjusted to reflect a
3-for-2 stock split on March 19, 1999.
(e) Exercisable as to 5,625 shares on December 30, 1996; 5,625 shares on
December 30, 1997; and as to the remaining 5,625 shares on December 30,
1998.
(f) Options expire as to 5,625 shares on December 30, 2001; 5,625 shares on
December 30, 2002; and as to the remaining 5,625 shares on December 30,
2003.
(g) Exercisable as to 3,530 shares on September 28, 1996; and as to the
remaining 7,500 shares on September 28, 1997.
(h) Options expire as to 3,530 shares on September 28, 2001; and as to the
remaining 7,500 shares on September 28, 2002.
(i) Exercisable as to 3,968 shares on December 6, 1997; and as to the remaining
6,562 shares on December 6, 1998.
(j) Exercisable as to 2,655 shares on December 7, 1996; and as to the remaining
1,345 shares on December 7, 1997.
/s/ Michael J. Jeffries June 3, 1999
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**Signature of Reporting Person Date
Michael J. Jeffries
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
SEC 1474 (8-92)
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