Osiris Therapeutics rises on positive stem-cell treatment results
Osiris Therapeutics, Inc. (Nasdaq: OSIR) shares are up after the medical products maker reported positive results from its trial of Chondrogen, a stem-cell treatment for knee surgery. The Columbia, Md.-based firm said that one-year data showed improvement in joint condition among patients who received Chondrogen.
The biotechnology firm said patients in the Chondrogen trial experienced a “clinically significant” improvement in pain levels.
“These results are very promising given that a single injection of Chondrogen resulted in a clinically significant reduction in pain that was about double what we typically achieve with products currently available for OA,” Dr. Thomas Vangsness, a University of Southern California medical professor, said in a statement.
Unlike controversial embryonic stem cell research, Osiris uses stem cells derived from human bone marrow and donated by adult volunteers.
Hyaluronic acid, the treatment that Chondrogen is being tested against, has annual sales of about $500 million. Around 21 million Americans suffer from osteoarthritis, CEO C. Randal Mills said in a statement.
“The durability of the effect may have a profound impact on cost of treating arthritis,” Mills said in a statement. “These data allow us to advance our development efforts with confidence. With both clinically and statistically significant results in an approvable endpoint, we have started preparing for the appropriate registration trials. I would like to thank the investigators and patients for their continued support with this landmark study.”
In afternoon trading, OSIR shares are up 12.01%, or $1.23, at $11.47. Over the last 52 weeks, shares have ranged from $9.98 to $29.29.
