Columbia biotechnology company Osiris Therapeutics swung to a profit in the fourth quarter, and for all of 2013, sending its share price surging by as much as 10 percent Wednesday.
Osiris made $3.7 million in the final three months of 2013, up from an $803,000 loss in the last quarter of 2012. Quarterly revenue nearly tripled to $8.1 million in the fourth quarter of 2013 up from $2.9 million in the last three months of 2012.
The fourth quarter included closing of a deal to sell Prochymal, its marquee stem cell drug, for up to $100 million to a subsidiary of Australian company Mesoblast Ltd., as well as an agreement reached with the Food and Drug Administration over its stem cell bandage treatment Grafix.
Shares of the company on the Nasdaq closed at $16.31 Wednesday, up 5 percent.
For all of 2013, Osiris made $1.1 million on $24.3 million in sales, up from a $5.8 million loss on $7.8 million in sales in 2012.