NEW YORK and MELBOURNE, Australia, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Regenerative medicine company Mesoblast Limited (ASX:MSB; USOTC:MBLTY) today provided its 2014 half-year financial results and operational highlights.
Over the reporting period, progression of the Company's Mesenchymal Precursor Cell (MPC) clinical trial programs and strategic acquisition of culture-expanded Mesenchymal Stem Cell (MSC) assets positions Mesoblast potentially by the end of this year with late-stage products in all four of its core therapeutic areas:
1. Intravenously-delivered products for systemic inflammatory and immune-mediated diseases
2. Cardiac and vascular diseases treated with local and systemic application
3. Orthopedic diseases of the spine treated with local administration
4. Oncology conditions associated with bone marrow transplantation
Mesoblast Chief Executive Silviu Itescu said "Mesoblast's acquisition of late-stage MSC assets provides opportunity for earlier product launch and revenues, while our strong cash balance allows us to bring multiple MPC products within our pipeline to market."
2014 Half-Year Highlights
Total cash outflows reported for the current period was $67.6 million, which includes cash outflows of $20.1 million for the acquisition of culture-expanded MSC assets and other intellectual property assets. In comparison to the six months ended 31 December 2012, the net loss after tax increased by $3.0 million (11%) to $30.8 million.
Revenue from continuing operations and other income for the half-year increased by $6.0m to $20.8 million, primarily due to research & development tax incentive income of $5.8 million recorded in the current half-year.
Expenses from continuing operations increased by $9.1 million to $51.6 million, principally due to the Mesoblast Group's greater investment in clinical and regulatory activities, manufacturing, and key personnel. A key component was production of clinical grade MPCs for the Phase 3 trial in congestive heart failure which has now commenced. The Group continues to invest in people who bring industry and development expertise as it transitions to a company executing multiple late-stage programs.
Mesoblast Limited (ASX:MSB; USOTC:MBLTY) is a world leader in the development of biologic products for the broad field of regenerative medicine. The Company's proprietary technologies include its highly purified, immunoselected Stro-1/Stro-3 positive Mesenchymal Precursor Cells (MPCs), culture-expanded Mesenchymal Stem Cells (MSCs), Dental Pulp Stem Cells (DPSCs), and expanded Hematopoietic Stem Cells (HSCs). Mesoblast's protein technologies are based on factors derived from its proprietary cellular platforms, including Stromal Derived Factor-1 (SDF-1). Mesoblast's allogeneic or 'off-the-shelf' regenerative medicine products are being developed for the treatment of conditions with significant unmet medical needs. Product development focus is in four major and distinct areas - systemic diseases with an underlying inflammatory and immunologic etiology; cardiac and vascular diseases; orthopedic diseases of the spine; and improving outcomes of bone marrow transplantation associated with oncology or genetic conditions. www.mesoblast.com
CONTACT: Julie Meldrum Global Head of Corporate Communications Mesoblast Limited T: +61396396036 E: firstname.lastname@example.org