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New Zealand approves Osiris stem cell therapy

COLUMBIA, Md. (AP) -- Osiris Therapeutics Inc. said Friday that regulators in New Zealand approved its stem cell therapy Prochymal.

Prochymal is a treatment for graft vs. host disease, a side effect of bone marrow transplants in which transplanted bone marrow cells attack the body of the patient. Prochymal is approved for use in children who are not being helped by steroid therapy.

Prochymal has now been approved in two countries. Canadian regulators awarded the product a preliminary approval on May 17, meaning Osiris can market the drug but has to run additional trials to gain full approval. The Food and Drug Administration has not approved Prochymal, but adult and child patients can get the treatment under certain conditions.

Shares of Osiris Therapeutics jumped $1.11, or 13.8 percent, to $9.18 on Friday. The stock is up 65 percent since May 18.