The purpose of the study is to evaluate the safety and tolerability of the drug product at each dose level.

Inclusion Criteria:

• Osteoarthritis of the knee
• Fully weight bearing in the index knee with or without the need for assistive/orthopaedic devices
• Pain score ≥40 mm of the index knee
• Committing to continue using their assistive/orthopaedic device throughout the study using the same regimen

Exclusion Criteria:

• Any infection in the index knee or inflammatory skin disease or other inflammatory diseases at the index knee or the anticipated injection site
• Surgery on the symptomatic knee within the previous 12 months or arthroscopy in the index knee in the past 3 months
• Any painful orthopaedic disorder of the back or hip which is likely to interfere with the safety or efficacy assessments
• A joint disorder other than osteoarthritis in the index knee which could potentially interfere with the safety or efficacy assessments