NASDAQ Decides to Delist Osiris Therapeutics, Pulmatrix Deals with Research Cost Overruns

NEW YORK, NY / ACCESSWIRE / March 14, 2017 /
The competition between Osiris Therapeutics and competitor PTC has ended with an unceremonious thud. Osiris has come to the end of its NASDAQ run today, after some unsavory news came to the notice of investors early Monday. Though unexpected research and development costs are part of every biotech endeavor, it is expected that responsible financial accounting practices be maintained to protect investors.

RDI Initiates
Coverage:

Osiris Therapeutics,
Inc. https://ub.rdinvesting.com/news/?ticker=OSIR

Pulmatrix Inc. https://ub.rdinvesting.com/news/?ticker=PULM

Osiris Therapeutics shares declined by almost 26 percent on Monday, closing at $3.86, down $1.34 per share on it’s last trading day on NASDAQ. From Tuesday onwards it will start trading to the pink sheets, and after hours quote suggests equally brutal, nosediving decline. The reason is that the company is undergoing a criminal investigation for fraud, after a significant restatement of their financials and the resignation of the CEO. The formal announcement of its delisting came after business hours on Friday, leaving investors scampering to rid themselves of their exposure to the company’s dirty financial laundry. The company is under investigation by both the SEC and U.S. Attorney’s office for fraudulent accounting practices. Initially, the SEC gave Osiris Therapeutics until September 26 of last year to refile their financials. Six months later, no updated financial report has been received.

Access RDI’s Osiris Therapeutics Research Report at: https://ub.rdinvesting.com/news/?ticker=OSIR

Pulmatrix shares fell 3.88 percent to $3.22 a share on Monday, down 13 cents. It was reported that there was a serious decline in the company’s short interest, down almost 30 percent since February, a down by more than 400,000 short interest shares. Its 12-month low of $0.50 per share and a 12-month high of $6.98 per share currently puts its price in the middle range of its 52-week cycle. The company is currently developing the drug PUR0200 for COPD, and an unexpected increase in its clinical research costs attributed to the reported $400,000 decrease in revenue compared to a year ago. Its recent stock price saw a February 2nd high of $5.10 a share, and this setback may draw concern from long term investors.

Access RDI’s Pulmatrix Research Report at: https://ub.rdinvesting.com/news/?ticker=PULM

Our Actionable Research on Osiris Therapeutics, Inc. (NASDAQ: OSIR) and Pulmatrix Inc. (NASDAQ: PULM) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Hemal K. Gandhi, a CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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