Osiris Therapeutics jumps after forecasting profit
NEW YORK (AP) — NEWS: Stem cell therapy company Osiris Therapeutics said Friday it took a smaller loss in the third quarter as its revenue climbed.
DETAILS: Osiris Therapeutics Inc. develops treatments using adult human mesenchymal stem cells, which are derived from placental tissue. It said its sales tripled in the third quarter.
NUMBERS: The company reported a loss of $1.7 million, or 5 cents per share, after losing $2.9 million, or 9 cents per share, a year ago. Revenue grew to $6.9 million from $2.2 million.
FUTURE: In October the company agreed to sell some of its stem cell therapy technology, including its transplant treatment Prochymal, in a deal that could be worth more than $100 million. The Columbia, Md., company said it recognized a deferred tax asset of $13.6 million because of the sale. As a result it expects to report a profit in the fourth quarter and for the full year.
Analysts expected a loss of 38 cents per share.
STOCK: Shares of Osiris Therapeutics jumped $3.74, or 28.1 percent, to $17.05 in afternoon trading.