Osiris Therapeutics Inc.’s shares more than doubled after the regenerative-tissue company said a trial of its living stem cell treatment closed three times as many diabetic foot ulcers as standard care.
Osiris rose to $25.44 at 4 p.m. New York time for its biggest gain since the company first sold shares to the public in August 2006 and its highest price since January 2007.
Interim results from 97 patients in the study found 62 percent of those on Osiris’s Grafix had their wound completely closed compared with 21 percent who received conventional treatment, the Columbia, Maryland-based company said today in a statement. Grafix is a flexible, conforming membrane that is applied directly to wounds. The trial also found the therapy also closed wounds faster.
“Osiris has established a new standard in diabetic wound care and has demonstrated to the world the tremendous impact stem cell products can have in medicine,” C. Randal Mills, chief executive officer, said in the statement. “Diabetic foot ulcers afflict 25 percent of all diabetics and are responsible for more hospitalizations than any other diabetic complication.”
The trial is discontinuing the blind phase of the study where it’s not revealed which patients are receiving which treatment. Patients who were receiving the standard of care will be offered treatment with Grafix, Osiris said.