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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
Estimated average burden
hours per response ....... 0.5
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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 this box if no longer subject to 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 New Jersey 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
June 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
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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>
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Common Stock 6/2/99 M 3,000 A $ 4.4170 -- -- --
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Common Stock 6/2/99 S 3,000 D $37.0625 -- -- --
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Common Stock 6/3/99 M 3,405 A $ 4.417 -- -- --
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Common Stock 6/3/99 M 19,595 A $ 8.5000 -- -- --
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Common Stock 6/3/99 S 20,500 D $37.3750 -- -- --
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Common Stock 6/3/99 S 2,500 D $37.8750 -- -- --
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Common Stock 6/4/99 M 17,500 A $ 8.5000 -- -- --
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Common Stock 6/4/99 S 15,000 D $37.7500 -- -- --
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Common Stock 6/4/99 S 2,500 D $36.7500 -- -- --
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Common Stock 6/7/99 M 5,000 A $ 8.5000 -- -- --
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Common Stock 6/7/99 S 5,000 D $37.1250 75,096 D --
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
SEC 1474 (8-92)
Page 2
<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>
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Employee Stock $4.417 6/2/99 M 3,000 (b) 12/7/05 Common 3,000 -- -- --
Option (a) stock
(Right to Buy)
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Employee Stock $4.417 6/3/99 M 3,405 12/7/98 12/7/05 Conmon 3,405 -- -- --
Option (a) Stock
(Right to Buy)
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Employee Stock $8.500 6/3/99 M 19,595 9/5/97 7/30/07 Common
Option (a) Stock 19,595 -- -- --
(Right to Buy)
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Employee Stock $8.500 6/4/99 M 17,500 9/5/97 7/30/07 Common
Option (a) Stocl 17,500 -- -- --
(Right to Buy)
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Employee Stock $8.500 6/7/99 M 2,201 9/5/97 7/30/07 Common
Option (a) Stock 2,201 -- -- --
(Right to Buy)
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Employee Stock $8.500 6/7/99 M 2,799 9/15/97 7/30/07 Common
Option (a) Stock 2,799 -- 49,598 --
(Right to Buy)
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====================================================================================================================================
</TABLE>
Explanation of Responses:
(a) Granted under the Company's 1991 Stock Option Plan and qualified under Rule
16b-3.
(b) Exercisable as to 780 shares on December 7, 1997; and as to the remaining
2,220 shares on December 7, 1998.
** 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.
July 8, 1999
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**Signature of Reporting Person Date
Michael J. Jeffries
SEC 1474 (8-92)
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