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news.Osiris Therapeutics, a stem cell therapeutic company, has received a $5 million milestone payment for reaching the first production threshold of the Osteocel supply agreement with NuVasive.
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In July of 2008, Osiris announced the sale of the Osteocel business to NuVasive for an initial payment of $35 million, followed by up to $50 million in additional milestones.
Osiris expects to achieve the remaining $45 million in milestone payments from NuVasive, including $17.5 million for further delivery of product, $12.5 million upon transfer of certain manufacturing assets, and a $15 million payment upon NuVasive’s achievement of $35 million in cumulative Osteocel sales.
Richard Hunt, CFO of Osiris, said: “It is through the hard work and dedication of our Osteocel team that we have achieved the first product supply milestone under the agreement and are solidly on track to hit the remaining milestones. Along with our excellent partners at NuVasive, we look forward to the product’s continued success.”