Third Quarter Financial Results

For the third quarter of 2009, Osiris reported revenues of $10.6 million, compared to $1.0 million for the same period of the prior year. Current year third quarter revenue primarily reflects the recognition of $10.0 million in amortized license fees from Genzyme. For the third quarter of 2009, Osiris reported a net loss of $6.2 million or $0.19 per share, compared to a net gain, driven by the recognition of income from the sale of Osteocel, of $5.3 million or $0.17 per share for the same period of the prior year.

Research and development expenses for the third quarter of 2009 were $16.2 million, compared to $18.6 million incurred in the third quarter of 2008. General and administrative expenses were $1.5 million for the third quarter of 2009 compared to $1.9 million for the same period of the prior year. Net cash provided by continuing operations for the quarter was $40.7 million.

As of September 30, 2009, Osiris had $102.9 million of cash and short-term investments. This figure does not include the final $15 million milestone payment from NuVasive.

SOURCE Osiris Therapeutics