COLUMBIA, Md., Nov. 21, 2016 (GLOBE NEWSWIRE) -- Osiris Therapeutics, Inc. (NASDAQ:OSIR) (the "Company") today provided an update regarding the status of its compliance with the Listing Rules of the NASDAQ Stock Market ("NASDAQ"). As previously disclosed, the Company received notifications from NASDAQ indicating that, as a result of the Company not timely filing with the Securities and Exchange Commission ("SEC") its Annual Report on Form 10-K for the year ended December 31, 2015 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016 and June 30, 2016, the Company failed to comply with the periodic filing requirements in NASDAQ Listing Rule 5250(c)(1) (the "NASDAQ Listing Rule"). On November 15, 2016, the Company received an anticipated letter from NASDAQ noting that the Company had not timely filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, which represented an additional basis for non-compliance with the NASDAQ Listing Rule. On November 10, 2016, the Company participated in a hearing before the NASDAQ Hearings Panel (the "Hearings Panel") in connection with the Company's late filings and the Company's anticipated financial restatement relating to prior periods. At the hearing, the Company requested that the Hearings Panel grant the Company additional time to file its delinquent reports with the SEC and regain compliance with NASDAQ's continued listing requirements, though any such additional time granted is at the sole discretion of the Hearings Panel and cannot be assured. The Company is continuing to work diligently to complete its previously announced accounting reviews, restatements of prior period financial statements, transition to a new independent registered public accounting firm and 2015 audit so that it will be in a position to bring its SEC filings up to date. However, there can be no assurance regarding the timing or ultimate outcome of this process or the ability of the Company to successfully maintain its NASDAQ listing.