Osiris Therapeutics Announces Change in its Board of Directors

Thu Sep 20, 2012 9:00am EDT

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Osiris Therapeutics Announces Change in its Board of Directors

Osiris Therapeutics, Inc. (NASDAQ: OSIR) announced today the passing of one of its Board Members, Gregory H. Barnhill. Mr. Barnhill has served on Osiris’ Board of Directors since the company went public in August of 2006 and was a member of the Audit, Nominating and Compensation Committees.

“Greg was not only a good friend, but a trusted advisor and dedicated board member,” said Peter Friedli, Chairman and Co-founder of Osiris Therapeutics. “He will be missed. On behalf of the entire organization, I extend our deepest sympathies to his family in this time of sorrow.”

The Board of Directors held a Special Meeting on September 19th, 2012, and upon recommendation of the Nominating Committee, elected Hans Klingemann, M.D., Ph.D. to the position of Director. Dr. Klingemann joins Osiris as an independent Board Member and, given his qualifications, has been appointed to serve as a member of the company’s Audit, Compensation and Nominating Committees. He will fill the term as a Class I Director until its expiration at the 2013 Annual Meeting of Stockholders, or until another successor is duly elected and qualified.

Dr. Klingemann is the Director of the Bone Marrow and Stem Cell Transplant Program at Tufts Medical Center in Boston, and a Professor of Medicine at Tufts University Medical School. He also directs the Hematological Malignancies Program at the Tufts Medical Center Cancer Center and runs a stem cell transplant research laboratory. Previously, Dr. Klingemann was director of Bone Marrow Transplant and Cell Therapy at Rush University Medical Center, and founding director of the Sramek Center for Cell Engineering in Chicago, Illinois. He has worked as a physician, scientist, educator and administrator in leadership positions for over twenty years at various academic medical centers and has authored over 150 scientific and medical papers.

About Osiris Therapeutics

Osiris Therapeutics, Inc., having developed the world’s first approved stem cell drug, Prochymal, is the leading stem cell company. The company is focused on developing and marketing products to treat medical conditions in inflammatory, cardiovascular, orthopedic and wound healing markets. In Biosurgery, Osiris currently markets Grafix® for burns and chronic wounds, and Ovation® for orthopedic applications. Osiris is a fully integrated company with capabilities in research, development, manufacturing and distribution of stem cell products. Osiris has developed an extensive intellectual property portfolio to protect the company's technology, including 48 U.S. and 144 foreign patents.

Osiris, Prochymal, Grafix and Ovation are registered trademarks of Osiris Therapeutics, Inc. More information can be found on the company's website, www.Osiris.com. (OSIR-G)

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "ongoing," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements may include, without limitation, statements regarding any of the following: our product development efforts; our clinical trials and anticipated regulatory requirements, and our ability to successfully navigate these requirements; the success of our product candidates in development; status of the regulatory process for our biologic drug candidates; implementation of our corporate strategy; our financial performance; our product research and development activities and projected expenditures, including our anticipated timeline and clinical strategy for mesenchymal stem cells and biologic drug candidates and marketed Biosurgery products (including Prochymal®, Chondrogen®, Grafix® and Ovation®); our cash needs; patents, trademarks and other proprietary rights; the safety and ability of our products and potential products to treat disease; our ability to supply a sufficient amount of our marketed products or product candidates and, if approved or otherwise commercially available, products to meet demand; our costs to comply with governmental regulations; our relationship with collaborating partners; our ability to maintain and benefit from our collaborative arrangements; our ability to benefit from government contracts; our plans for sales and marketing; our plans regarding facilities; types of regulatory frameworks we expect will be applicable to our products and potential products; and results of our scientific research. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in the section entitled "Risk Factors" in our Annual Report on Form 10-K and other Periodic Reports filed on Form 10-Q, with the United States Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.

Osiris Therapeutics, Inc.
Erica Elchin, 443-545-1834
OsirisPR@Osiris.com

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