Osiris Therapeutics Reports First Quarter 2012 Financial Results

COLUMBIA, Md.--(BUSINESS WIRE)--

Osiris Therapeutics, Inc. (NASDAQ: OSIR - News), the leading stem cell company focused on developing and commercializing products to treat medical conditions in inflammatory, cardiovascular, orthopedic, and wound healing markets, announced today its results for the first quarter ended March 31, 2012.

Highlights and Recent Developments

This was an excellent quarter all around for Osiris, said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris Therapeutics. "It is gratifying to witness the solid growth of our Biosurgery products, driven by Osiris continued clinical success. I am particularly proud of how well our team is executing during our transition into a fully commercial entity, including our ability to tackle challenging reimbursement issues and expand our manufacturing and distribution capabilities."

First Quarter Financial Results

Biosurgery product revenue rose 49% from the previous quarter to $1.14 million. Total revenues were $4.6 million in the first quarter of 2012, which include the final amortization of license fees from our collaboration agreements. Total revenues in the first quarter of 2011 were $10.4 million, and consisted almost exclusively of amortized license fees. Net loss for the first quarter of 2012 was $1.3 million compared to net income of $4.0 million in the first quarter of 2011.

Research and development expenses for the first quarter of 2012 were $4.0 million, compared to $4.7 million incurred in the first quarter of 2011. General and administrative expenses were $1.5 million for the first quarter of 2012 compared to $1.7 million for the same period of the prior year. Net cash used in operations for the three months ended March 31, 2012 was $4.0 million. As of March 31, 2012, Osiris had $44.2 million of cash, receivables and short-term investments.

Webcast and Conference Call

A webcast and conference call to discuss the financial results is scheduled for today, May 11, 2012 at 9:00 a.m. ET. To access the webcast, visit the Investor Relations section of the company's website at http://investor.osiris.com/events.cfm. Alternatively, callers may participate in the conference call by dialing (877) 303-6133 (U.S. participants) or (970) 315-0493 (international participants).

A replay of the conference call will be available approximately two hours after the completion of the call through May 17, 2012. Callers can access the replay by dialing (855) 859-2056 (U.S. participants) or (404) 537-3406 (international participants). The audio replay confirmation code is 74747423. To access a replay of the webcast, visit the Investor Relations section of the company's website at http://investor.osiris.com/events.cfm.

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Osiris Therapeutics Reports First Quarter 2012 Financial Results