Re: "...history shows the management to have requested trading halts several times in the last three years, each to prevent valuation changes while it works out financing details with a lender. I expect that that's what it is this time too."MESO is up 10% this morning (which gets it close to where I bought it.)
May 13, 2020
Mesoblast Successfully Completes Financing to Scale-Up Manufacturing of Remestemcel-L for COVID-19 ARDS
by GlobalNewswire.com
NEW YORK, May 13, 2020 (GLOBE NEWSWIRE) -- Mesoblast Limited (Nasdaq: MESO; ASX:MSB), a leader in cellular medicines for inflammatory diseases, announced today that it has successfully completed a capital raising of US$90 million¹ (A$138 million) via a private placement of 43 million shares to existing and new institutional investors at a price of A$3.20 per share. This represents a 7% discount to both the price at the close of trading May 8, 2020 and the five-day volume weighted average price (VWAP).
A significant portion of the net proceeds will be used to scale-up manufacturing of the Company’s lead product candidate remestemcel-L for the treatment of critically ill patients suffering with diseases caused by cytokine release syndromes associated with high mortality, particularly COVID-19 acute respiratory distress syndrome (ARDS). Proceeds will also be used for working capital and general corporate purposes.
A randomized controlled Phase 2/3 trial in up to 300 patients evaluating whether remestemcel-L can reduce the high mortality in COVID-19 patients with moderate/severe ARDS is actively enrolling in up to 30 sites in the United States. This trial was initiated after promising results were seen with remestemcel-L under emergency compassionate use in COVID-19 ARDS, where nine of 12 (75%) ventilator-dependent patients were able to come off ventilators within a median of 10 days.
Institutional Placement
The placement of 43 million shares represents 7.4% of the Company’s new total issued capital. The new ordinary shares issued will rank equally with existing ordinary shares on issue. Settlement is expected to occur on Friday, May 15, 2020. New shares issued under the placement are expected to be issued and commence trading on the ASX on Monday, May 18, 2020.
About Mesoblast
Mesoblast Limited (Nasdaq:MESO; ASX:MSB) is a world leader in developing allogeneic (off-the-shelf) cellular medicines. The Company has leveraged its proprietary mesenchymal lineage cell therapy technology platform to establish a broad portfolio of commercial products and late-stage product candidates. Mesoblast’s proprietary manufacturing processes yield industrial-scale, cryopreserved, off-the-shelf, cellular medicines. These cell therapies, with defined pharmaceutical release criteria, are planned to be readily available to patients worldwide.
Mesoblast’s Biologics License Application to seek approval of its product candidate RYONCIL™ (remestemcel-L) for steroid-refractory acute graft versus host disease (acute GVHD) has been accepted for priority review by the United States Food and Drug Administration (FDA). Remestemcel-L is also being developed for other rare diseases. Mesoblast is completing Phase 3 trials for its product candidates for advanced heart failure and chronic low back pain. If approved, RYONCIL is expected to be launched in the United States in 2020 for pediatric steroid-refractory acute GVHD. Two products have been commercialized in Japan and Europe by Mesoblast’s licensees, and the Company has established commercial partnerships in Europe and China for certain Phase 3 assets.
Mesoblast has a strong and extensive global intellectual property (IP) portfolio with protection extending through to at least 2040 in all major markets. This IP position is expected to provide the Company with substantial commercial advantages as it develops its product candidates for these conditions.
Mesoblast has locations in Australia, the United States and Singapore and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). For more information, please see www.mesoblast.com, LinkedIn: Mesoblast Limited and Twitter: @Mesoblast
http://finance.yahoo.com/quote/MESO?p=MESO
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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