Osiris Therapeutics Reports Second Quarter 2012 Financial Results

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

Osiris Therapeutics, Inc. (OSIR), the leading stem cell company focused on developing and marketing products to treat medical conditions in inflammatory, cardiovascular, orthopedic and wound healing markets, announced today its results for the second quarter ended June 30, 2012.

Highlights and Recent Developments

This past quarter was not only memorable, but monumental, for Osiris, stated C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris Therapeutics. We have set a new benchmark to measure our success, and remain as committed as ever to extending the reach of this remarkable technology. Whether through our Biosurgery or Therapeutics units, we will continue to develop innovative cell therapy solutions for patients in need.

Second Quarter Financial Results

Biosurgery product revenue rose 43% from the previous quarter to $1.63 million. As of June 30, 2012, Osiris had $40.1 million of cash, receivables and short-term investments.

Research and development expenses for the second quarter of 2012 were $4.1 million, compared to $5.2 million incurred in the second quarter of 2011. General and administrative (G&A) expenses were $1.4 million for the second quarter of 2012 compared to $3.3 million for the same period of the prior year. The 2011 G&A expense included a non-cash charge of $1.7 million related to the extension of the expiration date of a warrant. Net cash used in operations for the three months ended June 30, 2012 was $4.4 million.

Webcast and Conference Call

A webcast and conference call to discuss the financial results is scheduled for today, July 30, 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 August 05, 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 99408506. 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 Second Quarter 2012 Financial Results