Osiris Therapeutics wins $15 million milestone payment from NuVasive

Thu. November 05, 2009; Posted: 10:03 AM

Nov 05, 2009 (Datamonitor via COMTEX) -- OSIR | Quote | Chart | News | PowerRating -- Osiris Therapeutics, a stem cell therapeutic company, has received a $15 million milestone payment from NuVasive, a medical device company, related to the sale of the Osteocel business.

Triggering the payment, NuVasive recently reached $35 million in cumulative sales of Osteocel. With this final payment, Osiris has realized the full $85 million value from the sale of its Osteocel business to Nuvasive.

Philip Jacoby Jr, CFO of Osiris, said: "This significant commercial milestone underscores Osiris's position as a world leader in the development and commercialization of stem cell technology. The fact that NuVasive achieved $35 million in cumulative sales of Osteocel ahead of projections demonstrates the unique position of this product in facilitating spine fusion.

"It is the goal of both our therapeutic and biosurgery divisions is to develop high-quality cell therapy products that fill unmet medical needs. Osteocel is a great example of this type of innovation, having become the clear leader in market share, with sales more than double its closest competitors."

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For full details on Osiris Therapeutics Inc (OSIR) click here. Osiris Therapeutics Inc (OSIR) has Short Term PowerRatings of 7. Details on Osiris Therapeutics Inc (OSIR) Short Term PowerRatings is available at This Link.

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