Mesoblast shares jump 20% as FDA approves heart drug
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The news: Shares in Australian biotech company Mesoblast have surged 19.8% after the US Food and Drug Administration approved its Revascor treatment for children with a rare heart condition.
The numbers: Mesoblast shares jumped to $0.317 in early trading, putting a small dent in a months long downtrend that began in mid-2023.
The context: The approval provides some respite for Mesoblast, after months in the share price doldrums after the FDA failed to approve another drug by an July deadline, catalysing a 57% price crash to 47 cents.
The source: ASX Announcement
