Osiris Therapeutics (NasdaqGM: OSIR) has filed with the SEC a proposal to reincorporate its stem cell products company in Maryland in order to save on taxes. Apparently, the annual franchise tax in Maryland would run the company around $300 compared with its now-Delaware franchise taxes of over $160K in 2009, with a planned raise to $180K in the near future.
As indicated in the SEC document, Peter Friedhi, a Swiss-based investment banker and company director, owns 44.4% of Osiris common stock. Venturec, part of the Zurich, Switzerland-based New Venturetec, of which Friedhi is Investment Manager, owns 12.1%. With the interest in stem cell products, the company grew to $14.6 million in net revenues for the year 2009 compared to a net loss of $33.5 million in 2008. In late afternoon trading this past Thursday, Osiris stock stood at $7.40, with a range in shares between $5.35 and $15.20 over the last year. Osiris Therapeutics is considered one of the leading stem cell therapeutic companies, creating products in the inflammatory, orthopedic and cardiovascular areas. The company currently has several biologic drug candidates under evaluation including Prochymal for inflammatory, autoimmune and cardiovascular illnesses, as well as Chondrogen for knee arthritis. Osiris participates fully in the development of its products including R&D, manufacturing and distribution.