Osiris Therapeutics files for $80 million IPO

By Jennifer Chiou

New York, May 12 - Osiris Therapeutics, Inc. filed for an estimated $80 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Deutsche Bank Securities is the bookrunning manager.

The Baltimore, Md.-based biotechnology company is focused on medical conditions in the inflammatory, orthopedic and cardiovascular areas as well as adult stem cell therapy.

The company markets Osteocel for regenerating bone. The drug uses stem cells 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.

Osiris is in phase 3 trials for Prochymal for steroid refractory Graft versus Host Disease, phase 1/2 trials for Chondrogen for the regeneration of meniscus and will begin phase 1 trials for Provacel, which is for the repair of heart muscle in patients who have had heart attacks.

IPO proceeds will be used to fund business growth, including clinical trials and preclinical research and development, the repayment of its $20.6 million promissory note and general corporate purposes.

Osiris Therapeutics said it had a $15.695 million operating loss on revenues of $3.013 million for 2005, compared with an operating loss of $9.681 million on revenues of $3.911 million for the same period in 2004.

Currently Peter Friedli and Venturetec, Inc. are the company's 5% shareholders. Other principal shareholders include C. Randal Mills, Harry E. Carmitchel, Jr., Cary J. Claiborne and Felix Gutzwiller.

The company has applied to list its stock on the Nasdaq National Market under the symbol "OSIR."

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