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Osiris Therapeutics Announces Leadership Transition

Stocks in this article: OSIR

Osiris Therapeutics, Inc. (NASDAQ: OSIR), the leading stem cell company focused on developing and marketing products to treat conditions in orthopedic, sports medicine and wound care markets announced today C. Randal Mills, PhD. will be stepping down as President and Chief Executive Officer of the company for personal reasons. Dr. Mills will remain as a strategic advisor to the company. Osiris’ Chief Operating Officer, Lode Debrabandere, Ph.D., will assume the role of President and Chief Executive Officer pending Board confirmation. Dr. Mills and Dr. Debrabandere will both be participating in tomorrow’s 25 th Annual Piper Jaffray Healthcare Conference to provide an update on the company and to discuss the transition. The conference will be webcast live at 8:00 a.m. ET and can be accessed through the Investor page of the Osiris website.

“For the past 10 years it has been my honor to lead this world-class team of professionals,” said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris. “Now that we have successfully transformed Osiris into a profitable company with a strong balance sheet and a solid pipeline, I look forward to contributing to the company’s continued progress in a strategic role.”

Dr. Debrabandere has over 20 years of experience leading R&D and sales and marketing activities in the pharmaceutical and biotechnology industries. Lode has been with Osiris since 2006 when he led the Prochymal Business Unit. In 2012, Lode was promoted to Chief Operating Officer and assumed responsibility for all commercial activities. Prior to joining Osiris, Lode served as Vice President of Global Marketing of Bristol Myers Squibb where he led the Neuroscience Unit and was the Global Brand Leader for Abilify™. Previously he led the Marketing department at UCB Pharmaceuticals, Inc. focusing in the areas of allergy/respiratory (Zyrtec™) and neurology (Keppra™).

“Dr. Mills has been a transformational leader for Osiris and the entire field of regenerative medicine,” said Peter Friedli, Chairman of the Board. “For me personally, he has been a wonderful partner to work with in creating the successful commercial enterprise we have today. Thank you Randy.”

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