Health Canada Requests Additional Information to Support Application for Approval of Prochymal

COLUMBIA, Md.--()--Osiris Therapeutics, Inc. (NASDAQ: OSIR) today announced that Health Canada has requested additional information in support of the Company’s application for approval of Prochymal, a stem cell therapy, for the treatment of graft vs. host disease (GvHD). Health Canada has determined that the application in its current form is not in full compliance with the current Canadian Food and Drug Regulations and has given Osiris 90 days to answer certain questions raised during the review. Osiris intends to fully respond to these questions within the allotted period.

“We thank the professionals at Health Canada for their rapid and thoughtful consideration of this important application,” said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris. “We intend to work with Health Canada to expeditiously provide them the additional information necessary to complete the application and make this important therapy available to patients in need.”

Last year, Prochymal was granted Priority Review by Health Canada. Priority Review candidates are subject to the same quality, safety and efficacy requirements as non-priority submissions, but are processed more quickly. If successful, Prochymal would become the world’s first approved stem cell therapy.

About Osiris Therapeutics

Osiris Therapeutics, Inc. is the leading stem cell company focused on developing products to treat serious medical conditions in the inflammatory, autoimmune, orthopedic and cardiovascular areas. The company's pipeline of internally developed biologic drug candidates under evaluation includes Prochymal for inflammatory, autoimmune and cardiovascular indications, as well as Chondrogen for arthritis in the knee. Osiris is a fully integrated company, with capabilities in research, development, manufacturing and distribution of stem cell products. Osiris has developed an extensive intellectual property portfolio to protect the company's technology, including 49 U.S. patents each having one or more foreign counterparts. Osiris and Prochymal are registered trademarks of Osiris Therapeutics, Inc. More information can be found on the company's website, www.Osiris.com. (OSIR-G)

Osiris and Genzyme formed a strategic alliance for the development and commercialization of Prochymal and Chondrogen. Under the terms of the agreement, Osiris retains commercialization rights to Prochymal and Chondrogen in the United States and Canada. Genzyme holds these rights in all other countries except Japan, where JCR Pharmaceuticals holds rights to Prochymal for the treatment of patients with hematological malignancies.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "ongoing," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding the following: our product development efforts; our clinical trials and anticipated regulatory requirements and the ability to successfully navigate these requirements; the success of our product candidates in development; status of the regulatory process for our biologic drug candidates; implementation of our corporate strategy; our financial performance; our product research and development activities and projected expenditures, including our anticipated timeline and clinical strategy for Prochymal, Chondrogen and our other MSC and biologic drug candidates; our cash needs; patents and proprietary rights; the safety and ability of our potential products to treat disease and the results of our scientific research; our plans for sales and marketing; our plans regarding our facilities; types of regulatory frameworks we expect will be applicable to our potential products; and results of our scientific research. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Risks and uncertainties related to our Collaboration Agreement with Genzyme for the development and commercialization of Prochymal and Chondrogen include, among others: typical business transactional risks; risks related to product development and clinical trial design, performance and completion; uncertainty of the success of Prochymal and Chondrogen in clinical trials and their ability to treat disease; Genzyme’s early termination and opt-out rights; the ability of Osiris and Genzyme to successfully navigate regulatory requirements and to manufacture and commercialize products; and the uncertainty as to our ability to successfully perform under the collaborative arrangement and earn milestone and royalty payments thereunder. Our actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in the section entitled "Risk Factors" in our Annual Report on Form 10-K and other Periodic Reports filed on Form 10-Q, with the United States Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.

Contacts

Osiris Therapeutics, Inc.
Erica Elchin
443-545-1834
OsirisPR@Osiris.com
or
Media Contacts:
Schwartz Communications
Jayme Maniatis/Andrew Law
781-684-0770
Osiris@schwartz-pr.com

Contacts

Osiris Therapeutics, Inc.
Erica Elchin
443-545-1834
OsirisPR@Osiris.com
or
Media Contacts:
Schwartz Communications
Jayme Maniatis/Andrew Law
781-684-0770
Osiris@schwartz-pr.com