Osiris Public Offering Raises $38.5M, Stock Trading Flat
BY ARIELLA P. GOLOMB, MD, AUGUST 7, 2006
Osiris Therapeutics Inc. raised $38.5 million when it went public last Friday. The Company offered 3,500,000 shares of its common stock at a price of $11.00 per share and up to an additional 525,000 shares have been made available to the underwriters to cover over-allotments, if any. The total valuation of the company is $299 million. The stock is trading under the symbol "OSIR" and has been trading flat since last Friday.
Osiris Therapeutics is an adult stem cell therapeutic company concentrating on inflammatory, orthopedic and cardiovascular products. Because these stem cells are harvested from adults, they are not subject to the same political and ethical debates as embryonic stem cells. Its currently marketed product is Osteocel®, for regenerating bone in orthopedic indications. Osteocel is distributed by Blackstone Medical under the name Trinity™ bone graft. Current Orsiris clinical trials include: Prochymal™ (Orphan Drug and Fast Track product), entering Phase III clinical trials to treat Graft versus Host Disease (GVHD) post bone marrow transplant and Phase II to treat Crohn's disease; Provacel™, for repairing heart tissue following a heart attack; and Chondrogen™, Phase I/II for regenerating cartilage in the knee to prevent arthritic progression.
Osiris Therapeutics joins other recent orthopedic IPOs. This company is exciting to watch, given its ability to bring new scientific frontiers (i.e. stem cells) to market.
