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Osiris Therapeutics Announces Leadership Transition

Companies mentioned in this article: Osiris Therapeutics, Inc.

COLUMBIA, Md. -- (BUSINESS WIRE) -- Osiris Therapeutics, Inc. (NASDAQ: OSIR), the leading stem cell company focused on developing and marketing products to treat conditions in orthopedic, sports medicine and wound care markets announced today C. Randal Mills, PhD. will be stepping down as President and Chief Executive Officer of the company for personal reasons. Dr. Mills will remain as a strategic advisor to the company. Osiris’ Chief Operating Officer, Lode Debrabandere, Ph.D., will assume the role of President and Chief Executive Officer pending Board confirmation. Dr. Mills and Dr. Debrabandere will both be participating in tomorrow’s 25th Annual Piper Jaffray Healthcare Conference to provide an update on the company and to discuss the transition. The conference will be webcast live at 8:00 a.m. ET and can be accessed through the Investor page of the Osiris website.

“For the past 10 years it has been my honor to lead this world-class team of professionals,” said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris. “Now that we have successfully transformed Osiris into a profitable company with a strong balance sheet and a solid pipeline, I look forward to contributing to the company’s continued progress in a strategic role.”

Dr. Debrabandere has over 20 years of experience leading R&D and sales and marketing activities in the pharmaceutical and biotechnology industries. Lode has been with Osiris since 2006 when he led the Prochymal Business Unit. In 2012, Lode was promoted to Chief Operating Officer and assumed responsibility for all commercial activities. Prior to joining Osiris, Lode served as Vice President of Global Marketing of Bristol Myers Squibb where he led the Neuroscience Unit and was the Global Brand Leader for Abilify™. Previously he led the Marketing department at UCB Pharmaceuticals, Inc. focusing in the areas of allergy/respiratory (Zyrtec™) and neurology (Keppra™).

“Dr. Mills has been a transformational leader for Osiris and the entire field of regenerative medicine,” said Peter Friedli, Chairman of the Board. “For me personally, he has been a wonderful partner to work with in creating the successful commercial enterprise we have today. Thank you Randy.”

Mr. Friedli continued, “Over the last seven years, Lode has earned the respect of the Board of Directors and his peers at Osiris as an execution-oriented leader, and we are confident that under Lode’s leadership, Osiris will continue to flourish in the emerging field of regenerative medicine.”

About Osiris Therapeutics

Osiris Therapeutics, Inc. is the leading stem cell company, having developed the world’s first approved stem cell drug, remestemcel-L for graft versus host disease. Osiris’ products include Grafix® and Ovation® for acute and chronic wounds, Cartiform®, a viable cartilage mesh for cartilage repair and the latest addition to Osiris’ line of products, OvationOS™, a viable bone matrix. Osiris is a fully integrated company with capabilities in research, development, manufacturing and distribution. Osiris has developed an extensive intellectual property portfolio to protect the company's technology and commercial interests.

Osiris, Grafix, Ovation and Cartiform are registered trademarks of Osiris Therapeutics, Inc. More information can be found on the company's website, www.Osiris.com. (OSIR-G)

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 may include, without limitation, statements regarding any of the following: our product development efforts; our clinical trials and anticipated regulatory requirements, and our ability to successfully navigate these requirements; the success of our product candidates in development; status of the regulatory process for our product and product 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 marketed Biosurgery products (including Grafix, Ovation, OvationOS and Cartiform) and Biosurgery products under development; our cash needs; patents, trademarks and other proprietary rights; the safety and ability of our products and potential products to address medical needs; our ability to supply a sufficient amount of our marketed products or product candidates and, if approved or otherwise commercially available products, to meet demand; our costs to comply with governmental regulations; our plans for sales and marketing; our plans regarding facilities; types of regulatory frameworks we expect will be applicable to our products and potential products; and results of our scientific research. Additional risks and uncertainties related to the sale of our ceMSC assets and the related transactions contemplated by the Purchase Agreement with Mesoblast include typical business transactional risks, the risk of changing relationships with customers, suppliers or employees, the risk associated with the disposition of our ceMSC assets and the increased relative dependence on and importance of our other business including our Biosurgery business, the risk that we may not be able to fully benefit from the transactions through milestone payments or royalties, payment risks, including the risk associated with receipt of equity as consideration, in lieu of cash, and the risk of dependence on others to achieve results upon which milestone or royalty payments to us are conditioned. 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 United States Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.


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Contact:

Osiris Therapeutics, Inc.
Aziz Ahmad, 443-545-1834
OsirisPR@Osiris.com