Baltimore-based Osiris Therapeutics has outlined plans to sell up to $80 million in stock in an IPO. Osiris has been in a race to develop the first stem cell therapies for several ailments, including heart disease, autoimmune disorders and arthritis. Its lead drug candidate, prochymal, is heading into Phase III trials. Osiris lost $20 million last year and has spent slightly more than $142 million so far. A new management team under C. Randal Mills took over in 2004. Osiris went through a rough patch in the late 90s, according to a report in the Baltimore Business Journal, after Pfizer pulled the plug on a $50 million collaboration to develop stem cell therapies for bone disease.
- here's the report from the Baltimore Business Journal