Mesoblast shares rise on plans to launch Ryoncil this quarter
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The news: Mesoblast shares lifted in early trading on the ASX after the dual-listed biotech said it expects to launch its cell therapy product Ryoncil in the US this quarter.
The numbers: Mesoblast shares were up 1.6% to $3.09 at 11:08am AEDT, extending a 1,000% surge over the last 12 months.
The context: Ryoncil is the first FDA-approved therapy for children aged two months and older with steroid-refractory acute graft versus host disease (SR-aGvHD), a life-threatening condition with high mortality rates that can arise from an allogeneic bone marrow transplant.
Mesoblast said its commercial launch strategy for Ryoncil will initially target medical centres with the greatest experience of using the product and highest volume, followed by a broader staged rollout. Half of all pediatric transplants are performed at 15 centres across the US, the company said. Along with 30 other sites, these centres account for almost 80% of pediatric transplants in the country.
Earlier this month, Mesoblast raised $260 million through a private placement to fund the commercial launch of Ryoncil in the US. The company said it now has pro forma cash on hand of around $322 million.
The sources: ASX announcement, ASX announcement
