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Osiris Therapeutics Inc., a Columbia-based biotechnology firm that had its stock delisted from the Nasdaq earlier this month, said Monday it completed a previously announced restatement of 2014 financial statements to show a bigger loss than initially reported.

Osiris filed an amended annual report for 2014 showing product revenue of $50.8 million, slightly higher than a previously announced estimate of $46 million to $50 million, and a net loss of $10 million, or 29 cents per share. The company previously had reported a net loss of $1.8 million, or a loss of 5 cents per share.

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The firm also said it expects to report product revenue of $89 million to $92 million for 2015 and $110 million to $114 million for last year. In November, the company had estimated slightly lower revenues.

Osiris, which developed the world's first approved stem cell drug, has struggled as it shifted from a research firm to a commercial enterprise. The company is on its second interim CEO after former CEO Lode Debrabandere resigned about a year ago for personal reasons.

Osiris said Monday it plans to move to a new independent accounting firm that will audit financial statements from 2015 and 2016. The company expects to restate previous financial statements for the first three quarters of 2015 and file annual reports for 2015 and 2016, allowing it to resume timely filing of Securities and Exchange Commission reports.

Nasdaq had suspended trading in Osiris common stock as of March 14 because of late SEC filings. The stock now trades on the so-called pink sheets.

"We plan to apply for relisting of our common stock on Nasdaq once all our SEC filings are current," Dave Dresner, interim CEO, said in the announcement.

lorraine.mirabella@baltsun.com

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