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Pharmaceutical Industry

Osiris Therapeutics CEO Debrabandere resigns

Osiris Therapeutics CEO Debrabandere resigns

Shares of Columbia-based Osiris Therapeutics were down more than 12 percent Thursday afternoon after the regenerative medicine company announced the resignation of CEO Lode Debrabandere for personal reasons.

Dwayne Montgomery, chief business officer, has stepped in as interim CEO. Montgomery had worked as an executive for venture-backed organizations in the trauma and spine markets before joining Osiris.

The leadership shake-up comes after months of difficulties for Osiris, which is shifting from a research firm into a commercial enterprise. The company faces shareholder lawsuits after restating earnings, its auditor resigned in December and its stock has fallen 40 percent...