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Osiris gets $224.7 mln contract for adult stem-cell therapy

Thu Jan 3, 2008 5:41pm EST

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Jan 3 (Reuters) - Osiris Therapeutics Inc (OSIR.O) said it has been awarded a $224.7 million contract from the U.S. Department of Defense to develop and stockpile Prochymal, an adult stem-cell therapy, for the repair of gastrointestinal injury resulting from radiation exposure.

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Under the terms of the contract, the department will provide funding to Osiris for the development of Prochymal for acute radiation syndrome in two stages, with an initial amount of $4.2 million in 2008, the company said in a statement. (Reporting by Shailesh Kuber in Bangalore; Editing by Vinu Pilakkott)

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