Osiris Therapeutics, Inc. (NASDAQ:OSIR) has announced that it has received a positive review, from Blue Cross Blue Shield Association, regarding Grafix. The technology is targeted at the treatment of lower-extremity ulcers, in diabetic patients. The Blue Shield Association reviewed clinical data from Grafix and concluded that there was sufficient evidence of meaningful improvement in patients.

Dwayne Montgomery, the CEO of Osiris, thanked the Association for its thorough review of Grafix. He also revealed that the company plans to expand its products and would continue submitting results to the Association, in order to gain further reviews. It has been estimated that a total of 96% hospitals and 92% professional providers, tend to align themselves with Blue Cross, more than with any other insurer.

The Blue Cross Blue Shield Association reviews an estimated 500 new medical technologies, per year. The reviews are then provided to the 36 Blue Cross Plans, across the country, to help them make coverage decisions. Osiris Therapeutics, on the other hand, is considered to be one of the leaders in cellular and regenerative medicine. The company mainly focuses on treatments concerning orthopedics, wound care and sports medicine.

Added to this, the company is also undergoing an investigation, by Faruqi & Faruqi LLP. The investigation aims to determine, if the board of directors has committed any mismanagement and failed to maintain a system of internal control. The LLP revealed that the investigation has been initiated in association with a disclosure filed with the SEC, by OSIR, stating that the 3Q2015 report had to review the timing of revenue recognition under contracts with the distributors. Furthermore, an 8-K, filed later, revealed that the company’s 1Q2015 and 2Q2015 results shouldn’t be relied upon. Finally, Osiris recently filed another 8-K, stating that its latest quarterly results would be delayed, but will be submitted within the 15-day extension deadline.

Osiris Therapeutics, Inc. (NASDAQ:OSIR) lost 5.26% of its share value, during the March 16 trading session, to reach a close at $4.86.