Mesoblast Limited Boosting capital position
Boosting capital position: Mesoblast Limited (ASX: MSB) stock lost over 6.7% on March 27, 2017 while the group successfully raised US$40 million via a fully underwritten institutional placement of 26.25 million new shares (approx. 6% of issued capital). The group intends to use these proceeds for their ongoing Phase 3 clinical programs including chronic heart failure, as well as for manufacturing requirements associated with product commercialization. The Company expects to report multiple clinical and regulatory outcomes related to its Tier 1 product candidates in this year which could facilitate strategic alliances with partners. The group recently announced a 36-month result from the randomized, placebo-controlled 100-patient Phase 2 trial of its proprietary allogeneic Mesenchymal Precursor Cells (MPCs) in patients with chronic low back pain (CLBP) due to intervertebral disc degeneration. A single intra-discal injection of 6 million MPCs improved pain as well as function that were durable for at least 36 months.
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