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Osiris Therapeutics Announces Second Quarter 2010 Financial Results

Osiris Therapeutics Announces Second Quarter 2010 Financial Results:August 6, 2010. C. Randal Mills, Ph.D., President and CEO, and Philip R. Jacoby, Jr., Chief Financial Officer, provides company update and discuss results with a webcast and conference call on Friday, August 6, 2010 at 9: 00 ET.

To access the broadcast, please visit the “Investor Relations web site at http://investor.osiris.com/events.cfm. In addition, subscribers can take part in the conference by calling (877) 303-6133 (US participants) or (970) 315-0493 (international participants).

Replay of the conference call will be available approximately two hours after the call ends through August 19, 2010. Callers can access the replay by calling (800) 642-1687 (US participants) or (706) 645-9291 (international participants). Audio playback verification code 89024964. To access the replay live broadcast, please visit the Investor Relations web site at http://investor.osiris.com/events.cfm.

About Osiris therapy :

Osiris Therapeutics, Inc is a leading stem cell therapeutic company specializing in developing products for the treatment of serious diseases in inflammatory, autoimmune, orthopedic and cardiovascular areas. pipeline companies in the developed biological drug candidates under evaluation includes Prochymal inflammatory, autoimmune and cardiovascular indications, as well as Chondrogen for arthritis in the knee. Osiris is a fully integrated company, building on research, development, production and distribution of stem cells. Osiris has developed an extensive portfolio of intellectual property protection for technology companies, including 49 U.S. patents each having one or more foreign partners. Osiris, Prochymal and Chondrogen are registered trademarks of Osiris Therapeutics, Inc More information can be found on the company’s website, www.Osiris.com. (OSIR-G)

Osiris and Genzyme formed a strategic alliance to develop and commercialize Prochymal and Chondrogen. In accordance with the terms of the agreement, Osiris retains commercialization rights to Prochymal Chondrogen and the United States and Canada. Genzyme has these rights in all other countries except Japan, where the JCR Pharmaceuticals has the right to Prochymal for the treatment of cancer patients.

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words and phrases such as “expect,” “believes,” “continue,” “ongoing,” “estimate,” “expect,” “intends,” “may,” “plan,” “potential,” “predict” , “project” or similar words or phrases, or negatives of these words or phrases, may be determined by forward-looking statements, but the absence of these words does not mean that the statement is not promising. Examples of forward-looking statements include, but are not limited to, statements regarding the following: our efforts, product development, our clinical trials and anticipated regulatory requirements and the ability to successfully navigate these requirements, the success of our product candidates in development, the status of the regulatory process for our drug candidates for biological , the realization of our corporate strategy, our financial performance, our research and product development activities and projected expenditures, including our anticipated timing and clinical strategies Prochymal, Chondrogen and our other MSC and biological drug candidates, our cash needs, patents and copyrights rights, security and the ability of our potential drugs for the treatment of disease, and the results of our research, our plans for sales and marketing, our plans regarding our facilities; types of regulatory frameworks we expect will be applicable to our potential products, as well as the results our research. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by forward-looking statements. Risks and uncertainties related to our cooperation agreement with Genzyme for the development and commercialization of Prochymal and Chondrogen include, among other things: a typical business transaction risks, risks associated with product development and clinical testing, implementation and completion; uncertainty of success and Prochymal Chondrogen in clinical trials and their ability to treat disease, early termination and Genzyme to waive rights, the ability of Osiris and Genzyme successfully navigate the regulatory requirements, as well as production and commercialization of products, as well as uncertainties regarding our ability to successfully perform in accordance with an agreement on cooperation and earn milestone in its royalty payments. Our actual results may differ materially from those contained in forward-looking statements for many reasons, including the factors described under “Risk Factors” in our annual report on Form 10-K and other periodic reports filed on Form 10-Q, with U.S. Securities and Exchange Commission. Thus, you should not place undue reliance on these forward-looking statements. We undertake no obligation to publicly revise any forward-looking statements reflect circumstances or events after the date hereof or to reflect the occurrence of unanticipated events.