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Osiris Promotes Debrabandere to CEO as Mills Steps Down

Osiris Therapeutics Inc. (OSIR), the maker of the Grafix wound treatment, said Chief Executive Officer C. Randal Mills is stepping down and will be replaced by current chief operating officer, Lode Debrabandere.

Mills stepped down after almost 10 years as chief executive officer “for personal reasons,” and will remain a strategic adviser, Columbia, Maryland-based Osiris said today in a statement. Debrabandere will take over as president and CEO upon board confirmation, the company said.

Osiris said in August that Grafix, its living stem-cell treatment, closed three times as many diabetic foot ulcers as standard care, according to interim results of the first 97 patients to complete a study. The company agreed in October to sell its mesenchymal stem-cell unit, including Prochymal, a therapy for graft versus host disease, to Melbourne-based Mesoblast Ltd. for as much as $100 million.

“Now that we have successfully transformed Osiris into a profitable company with a strong balance sheet and a solid pipeline, I look forward to contributing to the company’s continued progress in a strategic role,” Mills said in the statement.

Lode has been with Osiris since 2006 and was promoted to chief operating officer in 2012. Before joining Osiris, he was a marketing vice president for Bristol-Myers Squibb Co. (BMY)

Osiris declined 4.9 percent to $16.72 at the close today in New York. The shares have gained 86 percent this year.

To contact the reporter on this story: Robert Langreth in New York at rlangreth@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

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