------------------------------ OMB APPROVAL ------------------------------ OMB Number 3235-0362 Expires: September 30, 1998 Estimated average burden hours per response ....... 1.0 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 5 ANNUAL 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 -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o Osteotech, Inc. 51 James Way -------------------------------------------------------------------------------- (Street) Eatontown New Jersey 07724 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Osteotech, Inc. (OSTE) ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year December 31, 2000 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [X] Director [_] 10% Owner [X] Officer (give title below) [_] Other (specify below) EVP, CFO ________________________________________________________________________________ 7. Individual or Joint/Group Reporting (Check Applicable Line) [X] Form filed by One Reporting Person [_] Form filed by More than One Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

*If the form is filed by more than one reporting person, see instruction 4(b)(v) FORM 5 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Response: (1) Granted under the Company's 1991 Stock Option Plan and qualified under Rule 16b-3. (2) Option will become exercisable as to 3,750 shares on 12/7/01; 3,750 shares on 12/7/02; 3,750 shares on 12/7/03; and as to the remaining 3,700 shares on 12/7/04. /s/ Michael J. Jeffries February 8, 2001 --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** 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. Potential persons who are to respond to the collections of information contained in this form are not required to respond unless the form displays a currently valid OMB number Page 2 SEC 2270 (7-97)

OSTEOTECH INC 5