Mesoblast Limited (ASX:MSB)
Melbourne, Mar 30, 2009 AEST (ABN Newswire) - Mesoblast Limited (ASX:MSB)(PINK:MBLTY) Australia's regenerative medicine company, today announced that it has successfully completed a private placement to existing, as well as new, institutional and sophisticated investors, raising A$10.81 million.
The new funds will be used in conjunction with Mesoblast's existing working capital, reported at 31 December to be A$9.6 million, to expand the company's clinical trial programs focussing on bone and cartilage regenerative products for spinal vertebral disc disease. These programs will be pursued in parallel to the Company's ongoing Phase 2 clinical trial in knee osteoarthritis.
Mesoblast's Executive Director, Professor Silviu Itescu, said he welcomed the ongoing strong support from the Company's institutional and major shareholders.
"We are very pleased with the continued confidence displayed by our shareholders in the value of Mesoblast's adult stem cell platform technology, and in the ability of the Company's management to achieve timely technical milestones and deliver commercial outcomes".
The placement of 15.02 million shares was oversubscribed and was made at a 10% discount to the closing price of the Company's shares on 25 March 2009.
Contact
Julie Meldrum
Corporate Communications Director
Mesoblast Limited
T: + 61-3-9639 6036
M: +61-419-228-128
E: julie.meldrum@mesoblast.com
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