Osiris Therapeutics Receives Title Of European Orphan Drug Designation For Prochymal®
Therapeutics, Inc. (NASDAQ: OSIR), the leading stem cell company
developing and marketing products to treat medical conditions in
inflammatory, cardiovascular, orthopedic and wound healing markets,
Osiris Therapeutics, Inc. (NASDAQ: OSIR), the leading stem cell company developing and marketing products to treat medical conditions in inflammatory, cardiovascular, orthopedic and wound healing markets, announced today that the European Medicines Agency (EMA) has designated Osiris as the Orphan Drug title holder for Prochymal® (remestemcel-L). The EU Commission adopted the decision to transfer the designation of Prochymal (ex-vivo cultured adult human mesenchymal stem cells) as an orphan medicinal product under Regulation (EC) No 141/2000 of the European Parliament and of the Council. The Decision will appear in the EU Community Register of Orphan Medicinal Products. In Europe, Orphan Drug designation provides a variety of incentives, including market exclusivity for up to 10 years following approval, to companies that develop drugs for underserved patient populations. In the EU, the Orphan Drug designation for Prochymal is for the treatment of acute graft versus host disease (GvHD). Prochymal, a first-in-class allogeneic stem cell therapy, has already received approval in Canada and New Zealand for the treatment of acute GvHD in children, and is currently available in seven other countries including the United States under an Expanded Access Program (EAP). Recently, Swissmedic, the Swiss agency responsible for the evaluation of drugs, notified Osiris that Prochymal will be evaluated under its Rapid Authorization Procedure upon submission of the marketing application. About Prochymal (remestemcel-L) Prochymal is the world’s first approved drug with a stem cell as its active ingredient. Developed by Osiris Therapeutics, Prochymal is an intravenous formulation of MSCs, which are derived from the bone marrow of healthy adult donors between the ages of 18 and 30 years. The MSCs are selected from the bone marrow and grown in culture so that up to 10,000 doses of Prochymal can be produced from a single donor. Prochymal is truly an off-the-shelf stem cell product that is stored frozen at the point-of-care and infused through a simple intravenous line without the need to type or immunosuppress the recipient. Prochymal is approved in Canada and New Zealand for the management of acute GvHD in children and is available for adults and children in eight countries including the United States, under an Expanded Access Program. Prochymal is currently in a Phase 3 trial for refractory Crohn’s disease and in a Phase 2 trial for acute myocardial infarction.