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news.Osiris Therapeutics, a stem cell therapeutic company focused on developing and marketing products to treat medical conditions in the inflammatory, cardiovascular and orthopedic areas, has reported revenue of $11.37m for the first quarter ended March 31, 2010, compared to $12.7m for the comparable period in 2009.
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Osiris Therapeutics has posted a net income of $2.4m for the first quarter of 2010, or $0.07 per diluted share, compared to $14.7m, or $0.45 per diluted share, for the prior year period.
Income from operations was $3m, compared to loss of $8.7m for the year ago period.
Revenues were $11.4m in the first quarter of 2010, consisting primarily of upfront license fees from the Genzyme agreement and a $1m milestone payment achieved from our collaboration with JCR Pharmaceuticals for development progress of Prochymal in Japan.
Randal Mills, president and CEO of Osiris Therapeutics, said: “We’re pleased with the progress we’ve made across many of our programs including Crohn’s disease, type 1 diabetes and GvHD. Given our strong balance sheet, financial discipline and practical approach to drug development, we are well-positioned to bring this first-in-class technology to the patients who need it most.”