Healthcare Industry News: PROCHYMAL
News Release - October 11, 2006
Osiris Therapeutics Receives Approval from Health Canada to Conduct Phase III Clinical Trial for Lead Stem Cell DrugRegulatory Action Allows Osiris to Expand Landmark Trial into Canada
BALTIMORE--(HSMN NewsFeed)--Osiris Therapeutics, Inc. (NASDAQ:OSIR ) has received regulatory approval to expand patient enrollment into Canada for its ongoing Phase III pivotal trial evaluating PROCHYMAL(TM) for the treatment of Graft vs. Host Disease.
"We are excited to join this major international effort," said Dr. David Allan, Assistant Professor of Medicine at the Ottawa Hospital. "In Canada and around the world, there is a definite need for effective therapies to treat GVHD. The initial studies evaluating PROCHYMAL are promising and we look forward to participating in this confirmatory study."
To receive approval to conduct the trial in Canada, Osiris submitted a comprehensive application that included information about the safety and efficacy of the drug, manufacturing and quality specifications, and patient information. The application was reviewed and approved by Health Canada, the federal regulatory agency responsible for the approval of new drugs in Canada.
"This trial is a major undertaking with worldwide implications," said C. Randal Mills, Ph.D., President and CEO of Osiris Therapeutics. "If successful, PROCHYMAL may not only be the first treatment approved for GVHD, but also the first stem cell drug approved for any indication. To accomplish this, we are coordinating an international effort among the world's leading physicians, hospitals, and regulatory agencies. Receiving approval to expand into Canada demonstrates the progress we are making and is a significant milestone for the team."
PROCHYMAL is a preparation of mesenchymal stem cells specially formulated for intravenous infusion. The stem cells are obtained from the bone marrow of healthy adult donors. PROCHYMAL is currently being evaluated for the treatment of GVHD and Crohn's Disease. The Phase III trial for GVHD is anticipated to be the final trial before the drug is submitted to FDA, Canadian and European regulatory agencies for full approval. PROCHYMAL has been granted Fast Track status by FDA. The Fast Track program was established by FDA to accelerate the development of drugs that show promise for treating life threatening conditions. The drug has also been granted Orphan Drug status by FDA. Orphan Drug designation provides incentives to companies that develop drugs for small, underserved patient populations.
About Osiris Therapeutics
Osiris Therapeutics, Inc. is a leading stem cell therapeutic company focused on developing and marketing products to treat medical conditions in the inflammatory, orthopedic and cardiovascular areas. Osiris currently markets and sells Osteocel® for regenerating bone in orthopedic indications. PROCHYMAL(TM) is in Phase 3 clinical trials and is the only stem cell therapeutic currently designated by FDA as both an Orphan Drug and Fast Track product. The Company's pipeline of internally developed biologic drug candidates under evaluation also includes Chondrogen(TM) for regenerating cartilage in the knee, and Provacel(TM), for repairing heart tissue following a heart attack. Osiris is a fully integrated company, having developed stem cell capabilities in research and development, manufacturing, marketing and distribution. Osiris has developed an extensive intellectual property portfolio to protect the company's technology in the United States and a number of foreign countries including 46 U.S. and 164 foreign patents owned or licensed. (OSIR-G)
Forward Looking Statements
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Source: Osiris Therapeutics
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