Mesoblast (MSB)

Business description

Mesoblast is developing adult stem cell therapies based on its proprietary MPC and culture-expanded MSC platforms. It has six late-stage clinical trials across four areas.

Stock data

Market cap.A$701.8m
Last closeA$1.48
High / Low (52 weeks)A$2.3 / A$1.2
Stock market listingAU
Forecast net cash (US$m)1.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(1.3)5.0(37.2)
Relative *(4.9)2.5(41.5)

* % Relative to local index

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Company news

Mesoblast US$75mln financing deal gets a lot of airplay

Wed, 07 Mar 2018 02:48:45 GMT

Primary Endpoint Successfully Achieved in Mesoblast's Phase 3 Cell Therapy ...

Wed, 21 Feb 2018 22:52:30 GMT

Who Really Owns Mesoblast Limited (ASX:MSB)?

Tue, 15 May 2018 03:11:15 GMT

2018 First Half Year Financial Results Webcast for Mesoblast

Mon, 26 Feb 2018 21:00:00 GMT

Mesoblast Phase 3 Cell Therapy Trial for Chronic Low Back Pain Completes ...

Wed, 28 Mar 2018 22:18:45 GMT

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 44.2 (86.3) (87.4) (0.20) N/A N/A
2017A 3.4 (82.4) (84.9) (18.10) N/A N/A
2018E 6.7 (83.2) (85.0) (18.92) N/A N/A
2019E 9.0 (85.4) (88.7) (18.85) N/A N/A

Last updated on 13/04/2018

Investment summary

The potentially pivotal 55 pediatric patient acute graft vs host disease (GvHD) study met its primary efficacy outcome, reporting a 69% overall response rate vs 45% for historical controls (p=0.0003). The 100 day data is due in Q2 with 180 day safety data in Q3. This will lead to a fast track application to the FDA. A Phase III in chronic low back pain (CLBP) completed enrollment in March 2018. The NIH funded Phase IIb in end-stage CHF patients with an LVAD should have full data by Q4 CY18. The Phase III trial in heart failure has enrolled over 400 of the 600 patient target. Cash on 31 Dec was US$47.4m. The H1 FY18 operating outflow was US$35.2m. In March, Mesoblast entered a US75m non-dilutive credit facility with Hercules and has drawn-down $35 already.

Last updated on 27/04/2018

Industry outlook

Mesoblast is the leading mesenchymal stem cell company. It has a manufacturing alliance with Lonza. JCR Pharmaceuticals markets Mesoblast’s GvHD therapy in Japan; H1 FY18 royalties were US$1.6m.

Last updated on 27/04/2018

Key management

Paul Hodgkinson, CFO
Silviu Itescu, Chief Executive Officer & Managing Director

Company address

Level 39
55 Collins Street
Melbourne 3000
Australia
+61 3 9639 6036
View website