During 9MFY17, Mesoblast Limited Partnering with global pharma players
Partnering with global pharma players: During 9MFY17, Mesoblast Limited (ASX: MSB) executed its planned operational streamlining and reprioritization of projects to successfully absorb the incremental costs of the MPC-150-IM Phase 3 program in advanced chronic heart failure (CHF). Due to these measures, cash outflows for R&D product support costs, manufacturing, and management & administration were reduced for the nine months of FY2017 by US$16.4 million (24%), compared with the nine months of FY2016. For the third quarter of FY2017, cash outflows for the same operational activities were reduced by US$5.1 million (23%) compared with the third quarter of FY2016. After absorbing the incremental R&D costs associated with the CHF Phase 3 trial, together with increased spend on advancing the other Tier 1 product candidates in Phase 3 trials, total operating cash outflows were reduced by US$0.8 million as compared to the first nine months of FY2016. As of March 31, 2017, the Company had cash reserves of US$69.1 million following a capital raising of approximately US$40 million. Mesoblast has established an equity facility for up to A$120 million/US$90 million, to be used at its discretion over the next two years to provide additional funds as required. Further, the company intends to partner one or more of its four Tier 1 product candidates to increase cash reserves and further reduce cash burn. As part of its strategy, the company is in exclusive negotiations with Mallinckrodt Pharmaceuticals about a potential commercial and development partnership for two of its lead product candidates.
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