Melbourne, Mar 30, 2009 (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.
About Mesoblast Limited
Mesoblast Limited (ASX:MSB) (OTC ADR: MBLTY) is the world's leading developer of innovative biological products for the broad field of regenerative medicine.
Mesoblast's commercial strategy is based on its unique proprietary adult mesenchymal precursor cells.
The company's lead products will target cardiovascular conditions, diabetes, inflammatory conditions of lungs and joints, eye diseases, bone marrow cancers, bone fractures, cartilage degeneration and musculoskeletal conditions.
Mesoblast and global biopharmaceutical company Cephalon Inc. have established a strategic alliance to commercialize adult stem cell products for degenerative conditions of the cardiovascular and central nervous systems. The alliance also extends to products for augmenting bone marrow transplantation in cancer patients.
Mesoblast Limited
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