|Osiris hopes to apply stem cell therapies to the heart. Source: Harvard University|
Osiris Therapeutics has reclaimed sole international rights to cardiovascular (CV) indications for Prochymal, and has terminated its development and commercialization agreement with Boston Scientific.
The Columbia, Md.-based Osiris said it ended its partnerships with Boston Scientific “to provide Osiris with the flexibility to enter more strategically beneficial relationships.”
C. Randal Mills, PhD, president and CEO, said that the “step was critical to realizing the full value of our proprietary stem cell technology. Prochymal continues to demonstrate therapeutic utility across multiple disease states, as evident by our recent Defense Department contract for acute radiation syndrome.” He added that the changes will allow the company “to accelerate the development of Prochymal for the treatment of acute myocardial infarction, which produced very encouraging results in early clinical trials.”
Under the terms of the agreement, Osiris said it will regain international rights to its stem cell technology for CV indications. In exchange, the company said it has agreed to relieve Boston Scientific of a $50 million loan obligation and $45 million in development payments. Additionally, Osiris said it will repay a $5 million debt plus accrued interest in four quarterly installments.