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Don't Believe Osiris' Hype

An Osiris spokeswoman confirmed that Tuesday's data were derived from 55% of the 55 patients in the trial who had osteoporosis. She wouldn't say if Osiris had followed the progress of all 55 patients in the study for one year, nor would she say what the pain-reduction data would have looked like if all patients in the study has been analyzed and reported.

Last Friday, Osiris announced the departure of its CFO Cary Claiborne to "pursue new professional opportunities," the company said. Clairborne submitted his resignation on Nov. 16, according to a Securities and Exchange Commission filing, but the company chose to wait for the day after Thanksgiving to make the announcement.

Osiris is running out of cash, so the loss of the CFO isn't particularly helpful. The company ended the third quarter with $22 million in cash, burning about $10 million to $11 million a quarter. Osiris did receive a $30 million financing "commitment" from founder and Chairman Peter Friedl at the beginning of October, but the company hasn't said if it has drawn down any of the money.

Last month, Osiris and its bankers were trying to rustle up interest in another equity financing, according to one institutional investor who was approached by the company. So far, however, nothing's been announced.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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