Osiris Therapeutics Reports Third 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 third quarter ended September 30, 2012.

Highlights and Recent Developments

We are very pleased with how all aspects of our business performed this quarter, said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris Therapeutics. We have a very unique and exciting opportunity ahead of us. As we transition into a fully commercial entity, we will not relinquish the scientific leadership position we have created in cell therapy. Instead, we are leveraging our highly sophisticated understanding of this powerful technology to favorably differentiate our best-in-class products within the market place.

Third Quarter Financial Results

Biosurgery product revenue rose 32% from the previous quarter to $2.2 million and over 6-fold from the third quarter of 2011. Gross profit from product sales rose to $1.4 million for the quarter or 66% of revenue. As of September 30, 2012, Osiris had $39.4 million of cash, receivables and short-term investments.

Research and development expenses for the third quarter of 2012 were $3.0 million, compared to $5.0 million incurred in the third quarter of 2011. General and administrative (G&A) expenses were $1.6 million for the third quarter of 2012 compared to $1.4 million for the same period of the prior year. Net cash used in operations for the three months ended September 30, 2012 was $1.6 million.

Webcast and Conference Call

A webcast and conference call to discuss the financial results is scheduled for today, November 5, 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).

An archive of the webcast will be available approximately two hours after the completion of the call through November 12, 2012. To access the archived 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 Third Quarter 2012 Financial Results