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Osiris announces $2 mln Milestone Payment for Clinical Progress of Stem Cell Therapy for Type 1 Diabetes - Quick Facts

Osiris Therapeutics Inc. (OSIR) announced that it has achieved $2 million in milestone payments from the Juvenile Diabetes Research Foundation or JDRF for progress made on a Phase II clinical trial evaluating Prochymal, a mesenchymal stem cell or MSC therapy, for patients recently diagnosed with type 1 diabetes. The payments were triggered when Osiris accomplished certain clinical and regulatory milestones including initiating patient treatments.

Type 1 diabetes is a disorder where a patient's own immune system attacks and destroys insulin-producing islet cells in the pancreas, resulting in the loss of control of blood sugar. Currently, there are no approved treatments for preventing the progression of the disease, the company said.

Further, the company stated that the Preclinical studies suggest MSCs have the ability to delay the progression of type 1 diabetes. In human clinical trials Prochymal has already show great promise for treating Graft vs. Host disease or GvHD and Crohn's disease, both severe immune-mediated diseases. Prochymal is currently in Phase III trials for both disease and has been given Fast Track status by the Food and Drug Administration.

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