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Highlights and Recent Developments
"This was an excellent quarter all around for Osiris," said
First Quarter Financial Results
Biosurgery product revenue rose 49% from the previous quarter to
Research and development expenses for the first quarter of 2012 were
Webcast and Conference Call
A webcast and conference call to discuss the financial results is
scheduled for today,
A replay of the conference call will be available approximately two
hours after the completion of the call through
About
Osiris, Prochymal, Grafix and Ovation are registered trademarks of
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. 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
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| Condensed Balance Sheets | ||||||||
| Amounts in thousands, except per share data | ||||||||
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(unaudited) |
||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 1,586 | $ | 1,661 | ||||
| Investments available for sale | 41,618 | 45,604 | ||||||
| Accounts receivable | 997 | 728 | ||||||
| Inventory | 415 | 767 | ||||||
| Deferred tax asset | 2,188 | 2,188 | ||||||
| Prepaid expenses and other current assets | 636 | 470 | ||||||
| Total current assets | 47,440 | 51,418 | ||||||
| Property and equipment, net | 2,306 | 2,463 | ||||||
| Restricted cash | 392 | 392 | ||||||
| Total assets | $ | 50,138 | $ | 54,273 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 4,804 | $ | 4,692 | ||||
| Deferred revenue, current portion | - | 3,333 | ||||||
| Total current liabilities | 4,804 | 8,025 | ||||||
| Other long-term liabilities | 419 | 430 | ||||||
| Total liabilities | 5,223 | 8,455 | ||||||
| Stockholders' equity | ||||||||
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Common stock, |
33 | 33 | ||||||
| Additional paid-in-capital | 278,477 | 278,092 | ||||||
| Accumulated other comprehensive income | 4 | 20 | ||||||
| Accumulated deficit | (233,599 | ) | (232,327 | ) | ||||
| Total stockholders' equity | 44,915 | 45,818 | ||||||
| Total liabilities and stockholders' equity | $ | 50,138 | $ | 54,273 | ||||
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| Condensed Statements of Operations | ||||||||
| Unaudited | ||||||||
| Amounts in thousands, except per share data | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2012 | 2011 | |||||||
| Product revenues | $ | 1,137 | $ | 37 | ||||
| Cost of product revenues | 387 | 15 | ||||||
| Gross profit | 750 | 22 | ||||||
| Revenue from collaborative research agreements and royalties | 3,446 | 10,395 | ||||||
| Operating expenses: | ||||||||
| Research and development | 3,963 | 4,711 | ||||||
| General and administrative | 1,523 | 1,696 | ||||||
| 5,486 | 6,407 | |||||||
| (Loss) income from operations | (1,290 | ) | 4,010 | |||||
| Other income, net | 18 | 29 | ||||||
| (Loss) income before income taxes | (1,272 | ) | 4,039 | |||||
| Provision for income taxes | - | - | ||||||
| Net (loss) income | $ | (1,272 | ) | $ | 4,039 | |||
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$ | (0.04 | ) | $ | 0.12 | |||
| Diluted (loss) earnings per share | $ | (0.04 | ) | $ | 0.12 | |||
| Weighted average common shares (basic) | 32,830 | 32,807 | ||||||
| Weighted average common shares (diluted) | 32,830 | 33,113 | ||||||
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| Condensed Statements of Cash Flows | ||||||||
| Unaudited | ||||||||
| Amounts in thousands | ||||||||
| Three months ended, | ||||||||
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March 31, |
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2012 |
2011 |
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| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (1,272 | ) | $ | 4,039 | |||
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Adjustments to reconcile net (loss) income to net cash used in operations: |
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| Depreciation and amortization | 177 | 189 | ||||||
| Non cash share-based payments | 385 | 604 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (269 | ) | 303 | |||||
| Inventory, prepaid expenses, and other current assets | 186 | (18 | ) | |||||
| Other assets | - | 17 | ||||||
| Accounts payable and accrued expenses | 101 | (869 | ) | |||||
| Deferred revenue | (3,333 | ) | (10,240 | ) | ||||
| Net cash used in operating activities | (4,025 | ) | (5,975 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (20 | ) | (25 | ) | ||||
| Proceeds from sale of investments available for sale | 3,985 | 6,000 | ||||||
| Purchases of investments available for sale | (15 | ) | (5 | ) | ||||
| Net cash provided by investing activities | 3,950 | 5,970 | ||||||
| Net decrease in cash | (75 | ) | (5 | ) | ||||
| Cash at beginning of period | 1,661 | 1,442 | ||||||
| Cash at end of period | $ | 1,586 | $ | 1,437 | ||||
OsirisPR@Osiris.com
Source:
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