Mesoblast - Funding to deliver key data in 2017
Mesoblast has raised US$40m (gross) through a placement of 26.25m shares at A$2.00/share. The cash enables continued funding of the key MPC-150-IM Phase III heart failure (HF) study where an interim futility analysis is underway. We expect Q4 data from the Phase III in paediatric graft vs host disease (GvHD); Mallinckrodt has an option on partnering GvHD. Other projects can also be funded. Also in H2, top-line data from the NIH-funded Phase IIb study in end-stage HF with an LVAD may be reported. The indicative value has been increased to A$1.72bn from A$1.67bn to reflect reduced potential FY18 cash needs. The indicative value per share drops to A$4.02 from A$4.16 due to the increased dilution.Mesoblast is engaged in the development of regenerative medicine products. Co. has leveraged its proprietary technology platform, based on specialized cells known as mesenchymal lineage adult stem cells ("MLCs"), to establish a portfolio of late-stage product candidates. Co.'s allogeneic, "off the shelf" product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncology and hematologic conditions. Each MLC-derived product candidate has technical characteristics, target indications, reimbursement strategy, commercialization potential, and partnering opportunities.
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