By E. Janene Geiss
Philadelphia, Dec. 21 - Osiris Therapeutics, Inc. announced Wednesday that it has closed a $19 million private equity round.
The money will fund the company's five ongoing clinical trial programs using its proprietary adult stem cell technology platform.
The round was arranged by Swiss investment firm Friedli Corporate Finance, Inc.
In total, the company has raised $70 million this year.
"This latest financing round is the capstone to a successful year for Osiris," C. Randal Mills, president and chief executive officer of Osiris, said in a company statement.
The company said it achieved many milestones this year, including becoming the first to receive FDA's Fast Track designation for a stem cell product. It began enrollment in a trial evaluating stem cell drug Provacel to repair damaged tissue in heart attack patients, it began a trial for Chondrogen, a stem cell formulation to treat knee injuries and prevent arthritis, it raised $50 million in private financing, it launched Osteocel for repair and replacement of bone and it began enrollment in a second phase 2 trial, evaluating Prochymal for life-threatening acute GVHD resistant to other treatments, among other things.
Along with furthering development of clinical programs, the company said it will use a portion of the proceeds to fund the continued enrichment of its product pipeline and to expand the company's extensive intellectual property portfolio.
The company said it currently holds more than 100 issued domestic and foreign patents with more than 100 more in various stages of approval.
Osiris is a Baltimore biotechnology company focused on adult stem cell therapy. The stem cells produced by Osiris are obtained from adult volunteer donors, avoiding the technical problems and controversy surrounding other stem cell technologies. Using proprietary methods, these cells are grown in culture to very high numbers, allowing a single donor's cells to treat thousands of patients.
| Issuer: | Osiris Therapeutics, Inc.
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| Issue: | Venture capital
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| Amount: | $19 million
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| Announcement date: | Dec. 21
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