Osiris Therapeutics Inc. lost $734,000 in the third quarter after posting a narrow profit in the same period last year but the biotechnology company nevertheless is on pace for a profitable year.
Its quarterly revenue rose 41 percent to $24.3 million as it expanded insurance coverage available for Grafix, a treatment that uses placental cells to help heal wounds, and launched two new wound-healing products, TruSkin and Stravix.
“Innovation remains a core asset to our company and the recent launch of TruSkin and Stravix demonstrates our commitment to discover cellular regenerative solutions for patients in need. We continue to strengthen our leadership position by adding innovative products to the portfolio and increasing regulatory barriers to entry,” said Lode Debrabandere, Ph.D., Orsiris president and CEO.
Gross margin was flat at 78 percent, but gross profit rose 5.4 percent to $18.8 million. Research and development spending nearly doubled to $2.3 million; administrative expenses increased 5.7 percent to $16.7 due to increased commercial activity.
The company completed the quarter with $102.4 million in total assets. In addition, Osiris Therapeutics initiated a Phase III clinical study for OTI-15-01 for the treatment of diabetic foot ulcers.
Through the first nine months of the year, Osiris' revenue is up 70 percent to $69 million and it has profited $1.7 million.
Based in Columbia, Md., Osiris Therapeutics develops and markets cellular regenerative medicine products.