Mesoblast shares lift as Ryoncil posts 66% quarterly revenue gain
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More news: Mesoblast has seen its shares lift after the biotech announced that gross revenue for its Ryoncil cell therapy increased by 66% in the second quarter since its launch.
At 11:44am AEDT, shares in Mesoblast lifted 4.3% to $2.7, easing back after gaining as much as 12.7% shortly after market open.
Mesoblast’s Ryoncil revenue lifts 66%
The news: Biotech Mesoblast has announced that its Ryoncil cell therapy achieved USD21.9 million ($33.1 million) in gross revenue in the second quarter since the product’s launch.
The numbers: The gross revenue figure for the September quarter represents a 66% increase compared to the June quarter.
The context: Ryoncil is designed to treat children with steroid-refractory acute graft-versus-host disease (SR-aGvHD), a high mortality risk complication of stem cell transplants.
The US Medicare and Medicaid Services J-Code for Ryoncil became active on 1 October, which Mesoblast says will make the product “easier to bill and pay for”, which could increase its accessibility.
What they said: “We are very pleased with the adoption of Ryoncil to date and with the adoption of Ryoncil to date and with reimbursement by both commercial and government payers,” Mesoblast chief executive Silviu Itescu said.
“We expect adoption to be further enhanced following the permanent J-Code assigned by Centers for Medicare and Medicaid Services which became active October 1.”
The source: ASX
