Columbia-based Osiris Therapeutics Inc., a biotechnology company developing stem cell-based treatments, beat Wall Street analysts' estimates with a reported loss of $4.3 million in the second quarter, which ended June 30.
The firm, which earlier this year drew international headlines for having the world's first stem cell drug approved by a major country, posted a loss of 13 cents per share. Analysts polled by MarketWatch had expected a 15-cent-per-share loss. The company said its revenues from biosurgery products — which are used to improve wound healing and tissue regeneration — rose 43 percent, to $1.6 million, from the first quarter.
Total revenue for the second quarter was $10.4 million, a $200,000 increase over the year-earlier period. The company expects revenues to grow in coming years from the sale of Prochymal, the stem cell drug approved in Canada earlier this year to fight graft-versus-host disease in bone marrow transplant patients.
The company has about $40 million in cash on hand.