Australia's Mesoblast hits one-month high on upbeat quarterly update
MESO•Mesoblast shares rose as much as 17% to A$2.20 after the company reported a 44% increase in first-quarter net revenue and an 86% improvement in net operating cash spend to $2.1 million. The US FDA confirmed its application for rexlemestrocel-L to prevent gastrointestinal bleeding may proceed.
1. Quarterly update
Mesoblast shares rose as much as 17% to A$2.20, their highest level since September 25 and their biggest intraday percentage gain since July 18. The company reported a 44% increase in first-quarter net revenue, driven by continued growth in Ryoncil sales, and said net operating cash spend improved 86% to $2.1 million from $14.9 million a year earlier. The US FDA confirmed that a biologics licence application for rexlemestrocel-L to prevent gastrointestinal bleeding may proceed.
