A method of preparing a bone graft. Mixing bone marrow aspirate with an effective amount of a binding reagent that is capable of binding with red blood cells in the bone marrow aspirate. The bound red blood cells are aggregated. The aggregated bound red blood cells are separated from the bone marrow aspirate to provide a supernatant. At least a portion of the supernatant is associated with an osteoconductive matrix to form the bone graft.
