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Mesoblast raises A$75M to boost US launch of stem cell therapy

Mesoblast Ltd. raised A$75 million via a placement of common shares to a group of institutional investors.

The Australian biotechnology company, which develops allogeneic cellular medicines, sold 37.5 million common shares at a price of A$2 each, the company said in an Oct. 3 news release.

Mesoblast intends to use the net proceeds to build product inventory and prepare for the potential U.S. launch of remestemcel-L for the treatment of pediatric acute graft versus host disease.

The company also plans to use the funds to study medicines for chronic low back pain and advanced heart failure.

Bell Potter Securities is the lead manager and book runner for the placement while Aitken Murray Capital Partners serves as co-manager.