Melbourne, Aug 29, 2008 AEST (ABN Newswire) - The regenerative medicine company, Mesoblast Limited (ASX:MSB)(PINK:MBLTY), today announced its financial results for the year ending 30 June 2008. Mesoblast is well positioned with sufficient cash reserves for its ongoing clinical trial activities and near-term strategic objectives.
Following the successful completion of an institutional placement in December 2007, Mesoblast's cash reserves at 30 June 2008 were $14.1 million. The Company's operating cash use was $6.2 million, in line with expectations and consistent with FY2007.
Significant achievements for the financial year ending June 30 2008 include:
- Completion of pilot clinical trial for non-healing, long bone fractures with strong positive outcomes
- Encouraging safety data obtained in Phase 2 trial for spinal fusion, using Mesoblast's allogeneic or "off-the-shelf" adult stem cells
- Outstanding results of preclinical cartilage trials, showing that a single injection of Mesoblast's allogeneic cells into knee joints damaged by osteoarthritis can both prevent further deterioration and protect cartilage tissue lining the damaged joint.
- Heart disease pilot clinical trial showed positive outcomes at six months with no cell-related adverse events
- Successful IND submission to the FDA, which cleared commencement of a Phase 2 clinical trial using allogeneic stem cells in patients with congestive heart failure
- Successful IND submission to the FDA which cleared commencement of a Phase 2 clinical trial using allogeneic stem cells in patients with heart attacks
- Broadening of new clinical applications, including age-related macular degeneration and diabetic retinopathy
The Company remains on track to achieve its commercial goals for bringing to market multiple adult stem cell-based products for repair/regeneration of bone, cartilage and other musculoskeletal tissues.
Mesoblast has increased its equity holding in United States-based sister company Angioblast Systems Inc. to 39.1 per cent. Angioblast is simultaneously advancing the platform stem cell technology towards commercialisation of novel treatments for cardiac, vascular, and eye conditions.
During the financial year, Angioblast entered into an important new collaborative arrangement with Abbott, a major healthcare company. Abbott is providing funding for a collaborative program in heart failure, and has made an equity-based investment of $US 5 million.
Commenting on the results, Mesoblast Chairman Brian Jamieson said: "We are delighted to report on the significant progress made by the Company during the last financial year. Mesoblast's significant achievements, together with its continued strong financial health, underpin the ongoing progress towards successful commercial outcomes in the near term."
Contact
Julie Meldrum
Corporate Communications Director
Mesoblast Limited
T: + 61 (03) 9639 6036
E: julie.meldrum@mesoblast.com
W: www.mesoblast.com
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