Mesoblast Limited (ASX: MSB) is a world leader in the development of innovative cellular medicines. It primarily deals with inflammatory diseases. MSB has facilities in Melbourne, Singapore, New York and Texas. It has listings on both ASX and NASDAQ. It focusses on creating clinically differentiated products, bringing late-stage products to market, enabling manufacturing scale-up to meet demands, stablishing a culture of shared leadership and accountability, while it builds partnerships.
The company has established, the most advanced and diverse clinical portfolio of cell-based product candidates. This is along with three programs in the Phase 3 clinical studies. The corporate headquarters of the company is in Melbourne, Australia. It has offices in New York and Singapore as well.
On 17th May 2019, the company announced that it would be making a corporate presentation in New York on 22nd May 2019. The presentation would be made to the 2019 RBC Capital Markets Healthcare Conference.
On 30th April 2019, the company had released its Quarterly report for the period ending 31st March 2019. Following are the highlights of MSB’s cash flow statement:
Apart from this, the company has loan facilities worth $115,000k. On March 6, 2018, MSB entered into a Loan and Security Agreement with Hercules Capital, Inc for a $75.0 million secured four-year credit facility. The company has drawn 2 tranches of $35.0 million, $15.0 and is expected to draw another $25.0 million on or before Q4 CY19.
The second Loan and Security Agreement was with NovaQuest Capital Management, L.L.C, worth a non-dilutive $40.0 million secured eight-year term loan. MSB drew 2 tranches from this of $30.0 million and $10.0 million.
The Operational highlights and financial results for the half year ended 31st December 2018, was released in February this year. The following were the performance highlights:
- With the FDA, MSB held two successful end-of-phase meetings. This covered clinical and manufacturing sides of the upcoming BLA filing.
- The patient enrolment was completed in the Phase 3 trial in chronic heart failure. 566 patients were randomized and would be completed in approximately 12 months.
- The company had $92 million pro forma cash on hand.
- The management team to be expanded to Support Commercial Launch Plans.
- Due to the timing of receipt of milestones payments, there was 50% ($17.7 million) reduction in the company’s net operating cash outflows for the 6 months (ending 31st December 2018).
- The transactions with Tasly and Novaquest increased the financing net cash inflows.
- Total revenue was $13.5 million.
Pro forma cash position (Source: Company’s report)
Share Price Information:
On the technical front, the stock is trading up by 0.338% at A$1.485 as of 17th May 2019. It has a market cap of A$737.97 million. In the last six months, the stock has delivered a return of 7.25% while the YTD return stands better at 17.00%.
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