Osiris Loss In-Line with Expectations
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Osiris Therapeutics Inc.
) reported a first-quarter 2013 loss of 8 cents per share,
in-line with the Zacks Consensus Estimate but wider than the
year-ago loss of 4 cents per share. Revenues for the quarter came
in at $4.2 million, above the Zacks Consensus Estimate of $4.0
million, but below the year-ago quarter revenues of $4.6 million.
Biosurgery product revenues came in at $4.1 million,
significantly above the year-ago revenues of $1.1 million.
Research and development (R&D) expenses declined 25% from the
year-ago period to $3 million. Selling, general and
administrative expenses increased 93.3% from the year-ago period
to $2.9 million due to higher commercial activities in the
Osiris has made significant progress with stem cell therapies.
The upside potential to lead candidate Prochymal could be
enormous. Prochymal gained approval in Canada and New Zealand in
the second quarter of 2012 for the treatment of acute
graft-versus-host disease (GvHD) in children. Prochymal is the
first manufactured stem cell product to gain approval and the
first treatment to gain approval for GvHD.
Osiris is working with regulatory agencies across the world to
provide them with the information needed to approve Prochymal.
Osiris is studying Prochymal for several indications including
Crohn's disease and acute myocardial infarction, which are
The company is actively looking for a partner for Prochymal. Last
year, Osiris had regained commercial rights for Prochymal and
Osiris currently carries a Zacks Rank #3 (Hold). We are pleased
with the performance of the company's Biosurgery segment.
However, while we are impressed with Osiris' progress in
cell-based therapies, we note that any pipeline setbacks would
weigh heavily on the stock.
At present, companies like
Peregrine Pharmaceuticals, Inc.
) look well-positioned. Both are Zacks Rank #1 (Strong Buy)