Net income for the first quarter of 2010 was $2.4 million compared to a loss from continuing operations of $7.9 million in the first quarter of 2009. Net income for the first quarter of 2009 of $14.8 million included $22.7 million of income from discontinued operations. Revenues were $11.4 million in the first quarter of 2010, consisting primarily of upfront license fees from the Genzyme agreement and a $1.0 million milestone payment achieved from our collaboration with JCR Pharmaceuticals for development progress of Prochymal in Japan. Revenues in the first quarter of 2009 were $12.7 million. As of March 31, 2010, Osiris had $91.2 million of cash, receivables and short-term investments.

Research and development expenses for the first quarter of 2010 were $6.6 million, compared to $18.6 million incurred in the first quarter of 2009. The $12.0 million decrease in R&D expenses reflects the completion of clinical work associated with our Phase III clinical trials. General and administrative expenses were $1.8 million for the first quarter of 2010 compared to $2.9 million for the same period of the prior year. Net cash used in continuing operations for the quarter was $10.6 million.

SOURCE Osiris Therapeutics