January 7, 2008 - Osiris Therapeutics Inc. has reclaimed sole worldwide rights to cardiovascular indications for Prochymal and terminated its development and commercialization agreement with Boston Scientific Corp. in order to provide Osiris with the flexibility to enter more strategically beneficial relationships.
Under the terms of the agreement Osiris will immediately regain worldwide rights to its stem cell technology for all cardiovascular indications. In exchange, Osiris has agreed to relieve Boston Scientific of a $50 million loan obligation and $45 million in development payments. Additionally, Osiris will repay a $5 million debt plus accrued interest in four quarterly installments.
Prochymal has reportedly demonstrated therapeutic utility across multiple disease states. By regaining the rights, Osiris will be able to enter into territory-specific, rather than indication-specific collaborations for Prochymal, and allows the company to continue development of Prochymal for the treatment of acute myocardial infarction.
For more information: www.Osiris.com