Osiris Therapeutics' Stock Is Higher On Tuesday: Here's Why

Shares Of

, a medical products company that focuses on regenerative medicine, traded higher by nearly 4 percent at $10.41 on Tuesday following a

. Osiris announced that a medicare contractor, Cahaba Government Benefit Administrations, confirmed that

has been approved for coverage with patients that suffer from chronic wounds. Osiris continued that coverage for Grafix became effective as of January 1, 2016 and covers 3.8 million lives across Alabama, Georgia and Tennessee. In total, Grafix is now available to 135 million Medicare, Medicaid and commercial beneficiaries. Osiris also stated that Grafix has been awarded a contract with a major Group Purchasing Organization (GPO) that has over 1600 members nationwide.