COLUMBIA, Md.–(BUSINESS WIRE)–Osiris Therapeutics, Inc. (NASDAQ:OSIR – News) today announced the creation of a new Biosurgery Division focused on developing and marketing high-end biological products for use in surgical procedures. The company intends to build on the success of its first generation implantable product, Osteocel, which it launched in July of 2005. In its first three years, Osteocel generated over $40 million of revenue for the company before being sold to Nuvasive for up to $85 million in 2008.
“We believe we have the best-in-class team, infrastructure, and experience to attack unmet surgical problems with biologic solutions and significantly improve outcomes for patients,” said Michelle LeRoux Williams, Ph.D., Chief Scientific Officer of Osiris Therapeutics, who led the successful development and launch of Osteocel. “Although we officially closed our Osteocel business unit in April, we retained a core team of physicians, scientists, regulatory, and manufacturing experts who are now focused on the commercialization of next generation biological constructs. With 18 years of experience in cell therapy, Osiris is uniquely positioned to advance surgical aspects of regenerative medicine.”