BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

Mesoblast Limited Completes $176 Million Private Placement


3/14/2013 6:57:41 AM

MELBOURNE, Australia; 14 March 2013: Regenerative medicine company Mesoblast Limited (ASX:MSB, USOTC:MBLTY) today announced that it has completed a private placement of its shares, raising A$170 million. Mesoblast now has cash reserves of approximately A$332 million.

Under the placement, 26,970,979 fully paid ordinary shares were issued at A$6.30 per share, a discount of 2.2 per cent to the closing price of the company’s shares on 1 March 2013. The total shares on issue have now increased by 9.4 per cent to 314,811,301.

The shares were placed to a select group of existing strategic investors and new United States and global institutional funds, including M & G Investment Management and Capital Research.

As a result of the placement, Mesoblast’s free float has increased by approximately 16.5 per cent, which may positively impact the Company’s weighting within the S&P/ASX 200 index.

In determining Mesoblast’s free float under S&P/ASX methodology, strategic shareholdings of Mesoblast alliance partner Teva Pharmaceutical Industries Ltd and Mesoblast Chief Executive Silviu Itescu, both of which remain unchanged post the placement, are not included.

The intended uses of these funds are for continued development of Mesoblast’s proprietary Mesenchymal Precursor Cell (MPCs) technology platform, specifically:

• a Phase 3 clinical trial using MPCs for treatment of degenerative disease of the lumbar spine

• new Phase 2 clinical trials to broaden the indications for intravenous delivery of MPCs in the treatment of systemic inflammatory conditions

• optimization of MPC manufacturing processes and increased product inventory

• staff and overheads.

Professor Itescu said: “Our strengthened financial position ensures that we can drive our independent programs to commercial outcomes, particularly in the areas of degenerative disease of the lumbar spine and in the treatment of inflammatory and immune-mediated conditions.”

Mesoblast Limited

Mesoblast Limited is a world leader in the development of biologic products for the broad field of regenerative medicine. Mesoblast's patented Mesenchymal Precursor Cell (MPC) technology is being developed for an extensive range of major clinical diseases, including inflammatory and immunologic conditions of the joints and lungs, diabetes and kidney disease, orthopedic spine conditions, and cardiovascular disorders. www.mesoblast.com

For further information, please contact:

Julie Meldrum

Global Head of Corporate Communications

T: + 61 3 9639 6036

E: julie.meldrum@mesoblast.com

College Hill

Melanie Toyne Sewell / Gemma Howe

T: +44 207 457 2020

E: Mesoblast@collegehill.com


Read at BioSpace.com


   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->