By Jackie Edwards
Updated June 18, 2020 @ 8:56 PM
https://www.bloomberg.com/news/articles/2020-06-18/mesoblast-shares-surge-190-on-hopes-for-its-covid-19-treatment
A health stock that’s undertaking a U.S. coronavirus drug trial and has seen its market value more than triple since March will be added to Australia’s benchmark equity gauge next week.
Mesoblast Ltd. shares are up 206% this quarter as one of its products is being assessed as a treatment for ventilator-dependent virus patients. The Melbourne-based company, which develops cell-based medicines to treat inflammatory conditions, has added more than $1-Bil. in market value from its 2020 low, boosted by results from a test using its therapy in a New York hospital.
“The support of the institutional and retail investment community reflects the positive view” of Mesoblast’s virus treatment and other products, Chief Executive Officer Silviu Itescu said in an interview. Investors are recognizing that Australian health firms, particularly ones focused on the U.S., are growing revenues “in a way that more old-fashioned industries have not been able to.”
Mesoblast shares have soared amid its coronavirus drug trial
A U.S. trial of its Remestemcel-L therapy to care for coronavirus patients is expected to be completed within three to four months. Mesoblast in April announced an 83% survival rate among 12 virus patients who were treated with the drug in a pilot study at Mt. Sinai hospital.
The study results spurred a 96% surge in its shares over the next two trading sessions. The company is currently worth A$2.5 Bil. ($1.7 Bil.), compared with around A$744 Mil. at the end of March.
Even short-sellers are starting to acknowledge the performance of the Australian drugmaker, with Mesoblasts’s short interest as a percentage of equity float declining to around 5.5% as of June 11, down from almost 14% in February 2019. This comes as revenues more than doubled in the 9 months to March 31, according to data compiled by Bloomberg, amid an increase in milestone payments from strategic partnerships and sales in Japan.
One of the firm’s key challenges lies in finding suitable partners to help bring products to market, according to Bell Potter Securities Ltd. A failure to reach deals would negatively impact the broker’s forecasts, analysts led by Tanushree Jain wrote in a June 5 note.
In addition to focusing on partnerships, Mesoblast has also bolstered its commercial capabilities over the last 18 months, Itescu said. The firm has built a sales team to support a product that helps treat complications that can arise when blood cancer patients get bone marrow transplants. The drug is awaiting regulatory approval in the U.S.
Recent MESO News
- Appendix 4c Quarterly Activity Report for Quarter Ended March 31, 2024 • GlobeNewswire Inc. • 04/30/2024 01:05:17 AM
- FDA Commentary Sends Biotech Soaring During Premarket Hours • AllPennyStocks.com • 03/26/2024 01:25:00 PM
- United States Food & Drug Administration (FDA) Notifies Mesoblast that Available Clinical Data from Phase 3 Trial Appear Sufficient to Support BLA Submission for Remestemcel-L in Children with Steroid-Refractory Acute Graft Versus Host Disease (SR-aGVHD) • GlobeNewswire Inc. • 03/26/2024 02:34:20 AM
- Mesoblast Successfully Completes Placement and Accelerated Entitlement Offer • GlobeNewswire Inc. • 03/13/2024 11:30:47 PM
- United States Food & Drug Administration (FDA) Supports Accelerated Approval Pathway for Rexlemestrocel-L in End-Stage Heart Failure Patients with a Left Ventricular Assist Device (LVAD) • GlobeNewswire Inc. • 03/10/2024 11:54:12 PM
- Mesoblast Reports Financial Results and Operational Update for Half-Year Ended December 31, 2023 • GlobeNewswire Inc. • 02/28/2024 10:57:09 PM
- Mesoblast Financial Results and Corporate Update Webcast • GlobeNewswire Inc. • 02/26/2024 12:00:00 PM
- United States Food & Drug Administration (FDA) Grants Mesoblast Orphan-Drug Designation for Revascor® (Rexlemestrocel-L) in Children With Congenital Heart Disease • GlobeNewswire Inc. • 02/15/2024 12:46:40 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/01/2024 02:34:30 AM
- Appendix 4C Quarterly Activity Report for Quarter Ended December 31, 2023 • GlobeNewswire Inc. • 01/31/2024 02:13:34 AM
- Mesoblast Gets FDA's Special Pediatric Designation for Revascor Heart Treatment • Dow Jones News • 01/19/2024 12:28:00 AM
- United States Food & Drug Administration (FDA) Grants Mesoblast Rare Pediatric Disease Designation for Revascor® (Rexlemestrocel-L) in Children With Congenital Heart Disease • GlobeNewswire Inc. • 01/18/2024 11:36:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/16/2024 11:33:54 AM
- Form F-6 POS - Post-effective amendments for immediately effective filing • Edgar (US Regulatory) • 01/05/2024 02:57:09 AM
- Form F-6 POS - Post-effective amendments for immediately effective filing • Edgar (US Regulatory) • 12/22/2023 10:13:02 PM
- Mesoblast Files for Orphan Drug and Pediatric Rare Disease Designations for Rexlemestrocel-L as Treatment for Severe Congenital Heart Disease • GlobeNewswire Inc. • 11/26/2023 11:56:21 PM
- Biotech Shares Soar Following Major Announcement • AllPennyStocks.com • 11/22/2023 06:35:00 PM
- Biotech Shares Soar Following Major Announcement • AllPennyStocks.com • 11/22/2023 06:35:00 PM
- Mesoblast Partners With Blood and Marrow Transplant Clinical Trials Network (BMT CTN) on Pivotal Trial in Adults With SR-aGVHD • GlobeNewswire Inc. • 11/21/2023 11:32:27 PM
- Appendix 4C Quarterly Activity Report for Quarter Ended September 30, 2023 • GlobeNewswire Inc. • 10/31/2023 12:04:17 AM
- Jane Bell AM Appointed Chair of Mesoblast Audit and Risk Committee • GlobeNewswire Inc. • 09/26/2023 10:18:49 AM
- Key Outcomes From FDA Type A Meeting and Mesoblast Next Steps to Achieve RYONCIL Approval • GlobeNewswire Inc. • 09/21/2023 07:30:42 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 09/06/2023 10:42:49 AM
- Mesoblast Reports Financial Results and Operational Update for Fiscal Year Ended June 30, 2023 • GlobeNewswire Inc. • 08/30/2023 11:07:02 PM
- Mesoblast Financial Results and Corporate Update Webcast • GlobeNewswire Inc. • 08/29/2023 11:00:00 AM
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