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Osiris Therapeutics Reports Third Quarter 2012 Financial Results

Osiris Therapeutics, Inc. (NASDAQ: OSIR), the leading stem cell company focused on developing and marketing products to treat medical conditions in inflammatory, cardiovascular, orthopedic and wound healing markets, announced today its results for the third quarter ended September 30, 2012.

Highlights and Recent Developments

  • Regained worldwide rights to Prochymal® and Chondrogen®
  • Reported $2.2 million of revenue from our Biosurgery products, Grafix and Ovation, during the third quarter – a 32% increase over the prior quarter and a greater than 6-fold increase over 3Q 2011.
  • Reported cash, receivables and short-term investments of $39.4 million as of September 30, 2012.
  • Promoted Lode Debrabandere, Ph.D. to the role of Chief Operating Officer.
  • Elected Hans Klingemann, M.D., Ph.D. to the position of Director to serve as a member of the company’s Audit, Compensation and Nominating Committees.
  • Received notification from Swissmedic that Prochymal will be evaluated under its Rapid Authorization Procedures, a designation that cuts the evaluation period for promising new drugs in half.
  • Submitted a full proposal to the Biomedical Advanced Research and Development Authority (BARDA) after being selected for a Broad Agency Announcement (BAA) to fund advanced research and development of countermeasures, specifically for the use of Grafix in mass casualty thermal burn injuries.
  • Increased our U.S. intellectual property estate to 51 issued patents (154 worldwide). Recent additions cover the use of MSCs for graft-versus-host disease and inflammatory conditions, as well as methods of manufacturing and MSC quality.

“We are very pleased with how all aspects of our business performed this quarter,” said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris Therapeutics. “We have a very unique and exciting opportunity ahead of us. As we transition into a fully commercial entity, we will not relinquish the scientific leadership position we have created in cell therapy. Instead, we are leveraging our highly sophisticated understanding of this powerful technology to favorably differentiate our best-in-class products within the market place.”

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