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news.Osiris Therapeutics has reclaimed sole worldwide rights to cardiovascular indications for Prochymal and terminated its development and commercialization agreement with Boston Scientific in order to provide the company with flexibility to enter more strategically beneficial relationships.
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Under the terms of the agreement Osiris will immediately regain worldwide rights to its stem cell technology for all cardiovascular indications. In exchange, Osiris has agreed to relieve Boston Scientific of a $50 million loan obligation and $45 million in development payments. Additionally, Osiris will repay a $5 million debt plus accrued interest in four quarterly installments.
Randal Mills, president and CEO of Osiris, said: “As a result of this move, we now have the freedom to enter into territory-specific, rather than indication-specific collaborations for Prochymal. This also allows us to accelerate the development of Prochymal for the treatment of acute myocardial infarction, which produced very encouraging results in early clinical trials.”