Osiris Therapeutics Reports Q1 2012 Financial Results

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Posted May 11, 2012

COLUMBIA, Md.--(BUSINESS WIRE)--Osiris Therapeutics, Inc. (NASDAQ: OSIR), 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

Strong demand for Grafix and Ovation fuels Biosurgery revenue growth to $1.14 million for the quarter - an increase of 49% over the previous quarter. Manufacturing efficiencies drive gross margin on Biosurgery products up 8 percentage points over the previous quarter to 66%.

Capacity expansion in manufacturing initiated to keep pace with product demand.

CMS issues positive preliminary decision on request to establish HCPCS codes for Grafix product line. Final decision to be rendered by the end of 2012.

Biosurgery distribution expands its geographic coverage into eight additional states.

Full response filed to inquiries from the Biologics and Genetic Therapies Directorate of Health Canada regarding the Prochymal (remestemcel-L) New Drug Submission and post marketing commitments.

Health Canada's independent expert advisory panel issues a favorable decision on Prochymal.

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Osiris Therapeutics Reports Q1 2012 Financial Results