Mesoblast Limited (ASX: MSB; Nasdaq: MESO) today provided the
market with operational highlights and financial results for the
three and nine month reporting periods ended March 31, 2017.
During the reporting period, the Company achieved a major milestone
in its valuable heart failure Phase 3 program, maintained momentum
in its additional Phase 3 trials, and continued to reduce spend.
During the first nine months of FY2017, the Company executed its
planned operational streamlining and re-prioritization of projects
to successfully absorb the incremental costs of the MPC-150-IM
Phase 3 program in advanced chronic heart failure (CHF). Due to
these measures, cash outflows for R&D product support costs,
manufacturing, and management & administration were reduced for
the nine months of FY2017 by US$16.4 million (24%), compared with
the nine months of FY2016. For the third quarter of FY2017, cash
outflows for the same operational activities were reduced by US$5.1
million (23%) compared with the third quarter of FY2016.
These savings enabled the Company to allocate sufficient funds
for the CHF Phase 3 trial through to the successful interim
futility analysis of the trial’s efficacy endpoint in early April
2017.
After absorbing the incremental R&D costs associated with
the CHF Phase 3 trial, together with increased spend on advancing
the other Tier 1 product candidates in Phase 3 trials, total
operating cash outflows were reduced by US$0.8 million as compared
to the first nine months of FY2016.
As of March 31, 2017, the Company had cash reserves of US$69.1
million following a capital raising of approximately US$40 million.
As previously announced, Mesoblast has established an equity
facility for up to A$120 million/US$90 million, to be used at its
discretion over the next two years to provide additional funds as
required.
The Company intends to partner one or more of its four Tier 1
product candidates in order to increase cash reserves and further
reduce cash burn. As previously announced, the Company is in
exclusive negotiations with Mallinckrodt Pharmaceuticals in regard
to a potential commercial and development partnership for two of
its lead product candidates.
Key operational highlights for the quarter with
respect to the Company’s four Tier 1 product candidates were:
- Mesoblast’s Phase 3 CHF trial of MPC-150-IM achieved a
successful pre-specified interim futility analysis of the efficacy
endpoint in the first 270 patients. After notifying the
Company of the interim analysis results, the trial’s Independent
Data Monitoring Committee formally recommended the trial be
continued as planned.
- A Phase 2 trial evaluating MPC-150-IM in children under the age
of 5 with hypoplastic left heart syndrome (HLHS) undergoing
corrective surgery was cleared by the United States Food and Drug
Administration (FDA) to commence at Boston Children’s
Hospital.
- Results from Mesoblast’s Phase 2 trial in patients with
biologic refractory rheumatoid arthritis (RA) showed that a single
2m/kg injection of MPC-300-IV resulted in early and sustained
responses through 39 weeks.
- Results from Mesoblast’s Phase 2 trial in patients with chronic
low back pain due to disc degeneration (CLBP) showed that a single
injection of MPC-06-ID resulted in meaningful improvements in both
pain and function that were durable for at least 36 months.
- Fast Track designation was granted by the FDA for the use of
MSC-100-IV in children with acute graft versus host disease
(aGVHD).
Operational Update
MPC-150-IM is being developed for advanced and end-stage
chronic heart failure (CHF) in New York Heart Association (NYHA)
Class II/III and Class IV patients:
- Intramyocardial administration of MPCs in animal models of
heart failure has resulted in improved cardiac function and
attenuated pathological ventricular remodelling. These effects were
attributable, at least in part, to MPC secretion of biomolecules
that stimulate reparative processes in the failing heart including
new blood vessel formation, cardiac muscle cell survival, and
reduction in tissue fibrosis.
- In Phase 2 results, a single injection of MPC-150-IM by
catheter into the endo-myocardium of patients with moderate to
advanced chronic heart failure prevented any HF-related
hospitalizations or cardiac deaths over three years of
follow-up.
- MPC-150-IM, injected by catheter into the endo-myocardium, is
being evaluated in a 600-patient Phase 3 trial of NYHA Class II-III
advanced CHF patients.
- In April 2017, the pre-specified interim futility analysis of
the efficacy endpoint was successful in the trial's first 270
patients.- The trial’s efficacy endpoint is a comparison of
recurrent non-fatal heart failure-related major adverse cardiac
events (HF-MACE) in moderate to advanced CHF patients receiving
either MPC-150-IM by catheter injection into the damaged left
ventricular heart muscle or sham control.- The statistical method
uses the Joint Frailty Model to evaluate the trial’s efficacy
endpoint while accounting for increased likelihood of a terminal
cardiac event (such as death, implantation of a mechanical heart
assist device or a heart transplant) for patients with multiple
HF-MACE. - After notifying the Company of the interim analysis
results, the trial’s Independent Data Monitoring Committee (IDMC)
formally recommended the trial be continued as planned.- In line
with best practice for blinded Phase 3 clinical trials, the interim
analysis data were only reviewed by the IDMC. Mesoblast, the FDA,
and trial investigators remain blinded to grouped safety and
efficacy data for the ongoing trial as well as the numerical
results of the interim analysis.
- MPC-150-IM, injected directly into the epicardium, is being
evaluated in a Phase 2b trial in patients with NYHA Class
IV/end-stage heart failure who have received a left ventricular
assist device (LVAD).
- The 159-patient, 2:1 randomized, placebo-controlled trial is
being funded by the United States National Institutes of Health
(NIH) and is being conducted by a multi-center team of researchers
within the NIH-funded Cardiothoracic Surgical Trials Network
(CTSN).
- Enrollment of this trial is expected to be completed during 1H
CY2017 with a data read-out expected in 2H CY2017.
- During the reporting period, the FDA cleared the commencement
of a 24-patient trial combining MPCs with corrective heart surgery
in children under the age of 5 with HLHS. The trial is sponsored
and funded by the Boston Children’s Hospital, the pediatric
teaching hospital of Harvard University, with support from Bulens
and Capozzi Foundation and the Ethan Lindberg
Foundation.
- Under the United States 21st Century Cures Act, MPC-150-IM may
be eligible for regenerative medicine advanced therapy (RMAT)
designation for treatment of advanced and/or end-stage CHF in
adults and children. Such designation may facilitate accelerated
approval pathways for this product candidate.
MPC-300-IV is being developed
for biologic refractory rheumatoid arthritis
(RA):
- Results of a study were published in the peer-reviewed journal
Stem Cell Research & Therapy in February 2017, showing that a
single intravenous infusion of 150 million of the Company’s
proprietary allogeneic “off-the-shelf” STRO-3 immunoselected MPCs
significantly improved clinical disease severity, reduced joint
cartilage erosions, and improved synovial inflammation and
histopathology in a large animal model of early RA.
- This study provides mechanistic and translational support for
the clinical outcomes reported in the ongoing Phase 2 trial of
MPC-300-IV for biologic refractory RA.
- Results from this 48-patient placebo-controlled, randomized
Phase 2 trial evaluating two dosing regimens against placebo in RA
patients resistant to anti-Tumor Necrosis Factor (TNF) agents
showed that single intravenous infusion of MPC-300-IV resulted in
durable responses through nine months (39 weeks). All three
cohorts (2m MPCs/KG; 1m/MPCs/KG and placebo) were well matched for
disease activity and other demographics at baseline. The
results showed that:
- The safety profile over 39 weeks was comparable among the
placebo and both MPC treatment groups, with no cell-related serious
adverse events reported.
- Both MPC doses outperformed placebo at the week 39 follow-up in
each of ACR20/50/70 responses, as well as by median ACR-N
analysis.
- The 2 million MPC/kg dose showed the earliest and most
sustained treatment responses in this Phase 2 trial in the period
assessed.
MPC-06-ID is being developed for chronic
low back pain (CLBP) due to disc degeneration:
- The ongoing 360-patient Phase 3 trial for MPC-06-ID in patients
with CLBP due to intervertebral disc degeneration is actively
recruiting across U.S. and Australian sites with enrollment
targeted to complete this year. The primary endpoint composite is a
50% reduction in the Visual Analog Scale (VAS) pain score and a
15-point reduction in the Oswestry disability index (ODI), with no
additional intervention, at both 12 and 24 months.
- In line with FDA guidance, the Phase 3 trial’s 24-month primary
endpoint composite is being analyzed using an intent to treat (ITT)
population.
- The 36-month analysis from March 2017 of the randomized,
placebo-controlled, 100-patient Phase 2 trial of MPC-06-ID aimed to
determine the proportion of patients who maintained treatment
success beyond the 24-month primary evaluation. Key trial results
using the ITT analysis were:
- 38% of the 6 million MPC group achieved the primary endpoint
composite over 24 months compared with 10% of the saline group
(p<0.05)
- 82% of the 6 million MPC group who achieved the primary
endpoint composite over 24 months maintained treatment success
using this composite endpoint at 36 months
- 86% of the 6 million MPC group who successfully met
the pain responder criteria (50% pain reduction with no additional
intervention at both 12 and 24 months) remained pain responders
through 36 months
- 92% of the 6 million MPC group who met the functional
responder criteria (15-point reduction in ODI and no additional
intervention at both 12 and 24 months) remained functional
responders through 36 months
- there were no significant differences in measurements of
safety between cell-treated patients and controls over 36
months
- The 36-month Phase 2 trial results support the ongoing
360-patient Phase 3 trial of Mesoblast's product candidate
MPC-06-ID for CLBP by reinforcing the rationale for MPC dose
selection, use of saline control, and the trial's primary endpoint
composite over 24 months. If similar clinical durability is
seen in the Phase 3 program, it is anticipated such data will
translate into meaningful health economic benefits including
increased productivity that may support attractive product
reimbursement.
- In December 2016, Mesoblast and Mallinckrodt Pharmaceuticals
entered into an agreement to exclusively negotiate a commercial and
development partnership for MPC-06-ID in the treatment of CLBP due
to disc degeneration.
MSC-100-IV is being developed for Acute
Graft Versus Host Disease (aGVHD):
- The pre-specified interim futility analysis of the primary
endpoint of the ongoing 60-patient open label Phase 3 trial was
successful in November 2016.
- This Phase 3 trial is expected to read out top-line results in
2H CY 2017.
- During the reporting period, the FDA granted a Fast Track
designation for the use of MSC-100-IV to improve overall response
rate in children with steroid refractory aGVHD.
- Fast Track designation has the potential to shorten the time to
FDA approval of MSC-100-IV for this indication through priority
review (shortened FDA review process from 10 to 6 months) and a
streamlined rolling review process (completed sections of the
Biologics License Application, BLA, can be submitted for FDA review
as they become available, instead of waiting for all to be
completed).
- The product candidate's existing Orphan Indication designation
may additionally lead to potential commercial benefits following
FDA approval.
- Based on guidance from the FDA, Mesoblast believes that data
from this Phase 3 trial may be sufficient for filing for
accelerated conditional approval of MSC-100-IV in the United
States.
- Mesoblast plans to broaden the use of its technology platform
with studies in adult patients with high-risk steroid-refractory
acute GVHD.
- In December 2016, Mesoblast and Mallinckrodt Pharmaceuticals
entered into an agreement to exclusively negotiate a commercial and
development partnership for MSC-100-IV in the treatment of
aGVHD.
Financial Results for the Three Months Ended March 31,
2017 (third quarter) (in U.S. Dollars)
The Company continued to execute its planned
operational streamlining and re-prioritization of projects to
successfully absorb the incremental costs of the MPC-150-IM Phase 3
program in CHF. Due to these measures, cash outflows for R&D
product support costs, manufacturing, and management &
administration were reduced by $5.1 million (23%) for the third
quarter of FY2017, compared with the third quarter of FY2016. These
reductions comprised: $3.9 million within manufacturing and $1.2
million within R&D product support costs.
There was an improvement of $8.2 million (39%)
in the loss before income tax for the third quarter of FY2017,
compared with the third quarter of FY2016. This was primarily due
to non-cash items that do not affect our cash reserves, such as
remeasurement of contingent consideration, finance costs and
foreign exchange movements within other operating income and
expenses. Additional items which impacted the loss before income
tax movement were:
- Manufacturing expenses were $3.8 million for
the third quarter of FY2017, compared with $7.7 million for the
third quarter of FY2016, a decrease of $3.9 million due to
sufficient quantities of clinical grade product previously
manufactured for all ongoing clinical trials.
- Research and Development: After absorbing the
incremental R&D costs associated with the CHF program, total
R&D costs were $13.9 million, an increase of $1.9 million
versus the comparative quarter in FY2016.
- Management and Administration expenses were
relatively stable at $5.5 million for the third quarter of FY2017,
compared with $5.4 million for the third quarter of FY2016.
- Revenues from sales of TEMCELL HS Inj.®
(TEMCELL), a registered trademark of JCR Pharmaceuticals Ltd.,
increased from $0.1 million in the third quarter of FY2016 to $0.8
million in the third quarter of FY2017. There was a decrease
of $3.2 million in total revenues for the third quarter of FY2017
compared with the third quarter of FY2016, primarily due to a
non-cash deferred revenue item recognized in FY2016 related to our
MPC-150-IM product.
Our net loss attributable to ordinary
shareholders was $9.8 million, or 2.46 cents per share, for the
third quarter of FY2017, compared with $16.9 million, or 4.49 cents
per share, for the third quarter of FY2016.
Financial Results for the Nine Months Ended March 31,
2017 (the nine months) (in U.S. Dollars)
The Company continued to execute its planned
operational streamlining and re-prioritization of projects to
successfully absorb the incremental costs of the MPC-150-IM Phase 3
program in CHF. Due to these measures, cash outflows for R&D
product support costs, manufacturing, and management &
administration were reduced by $16.4 million (24%), compared with
the nine months of FY2016. These reductions comprised: $11.1
million in manufacturing, $4.5 million within R&D product
support costs and $0.8 million within management &
administration.
There was an increase of $2.3 million (4%) in
the loss before income tax for the nine months of FY2017, compared
with the nine months of FY2016. This was primarily due to non-cash
items that do not affect our cash reserves, such as remeasurement
of contingent consideration, finance costs and foreign exchange
movements within other operating income and expenses. Additional
items which impacted the loss before income tax movement were:
- Manufacturing expenses were $10.9 million for
the nine months of FY2017, compared with $22.0 million for the nine
months of FY2016, a decrease of $11.1 million due to sufficient
quantities of clinical grade product previously manufactured for
all ongoing clinical trials.
- Research and Development: After
absorbing the incremental R&D costs associated with the CHF
program, total R&D costs were $43.0 million, an increase of
$7.4 million versus the comparative period in FY2016.
- Management and Administration expenses were
$15.9 million for the nine months of FY2017, compared with $16.7
million for the nine months of FY2016, a decrease of $0.8 million.
This decrease was primarily due to planned operational
streamlining.
- Revenues from royalties on sales of TEMCELL
increased by $0.9 million in the nine months of FY2017, compared
with the nine months of FY2016. There was a decrease of $13.8
million in total revenues in the nine months of FY2017, compared
with the nine months of FY2016, primarily due to a non-cash
deferred revenue item recognized in FY2016 related to our
MPC-150-IM product.
Our net loss attributable to ordinary
shareholders was $49.6 million, or 12.87 cents per share, for the
nine months of FY2017, compared with $52.4 million, or 14.76 cents
per share, for the nine months of FY2016.
Conference Call Details
Mesoblast will be hosting a conference call beginning at 8am
AEST on May 25, 2017 / 6pm EST on May 24, 2017. The
conference identification code is 528910.
The live webcast can be accessed via:
http://webcasting.boardroom.media/broadcast/592263cc45e9d25707f89993
To access the call, please dial:
Australia Toll Free
1 800 558 698 Australia Alternate
1 800
809 971 United States
1 855 881 1339 United Kingdom
0800 051 8245Japan
0053 116 1281Singapore
800 101 2785 Hong Kong
800 966 806 International
+61 2 9007 3187
Forward-Looking Statements
This press release includes forward-looking statements that
relate to future events or our future financial performance and
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance
or achievements to differ materially from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. We make such
forward-looking statements pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and other
federal securities laws. Forward-looking statements should not be
read as a guarantee of future performance or results, and actual
results may differ from the results anticipated in these
forward-looking statements, and the differences may be material and
adverse. You should read this press release together with our risk
factors, in our most recently filed reports with the SEC or on our
website. Uncertainties and risks that may cause Mesoblast's actual
results, performance or achievements to be materially different
from those which may be expressed or implied by such statements,
and accordingly, you should not place undue reliance on these
forward-looking statements. We do not undertake any obligations to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or
otherwise.
Consolidated Income Statement
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
March 31, |
|
|
March 31, |
|
(in U.S.
dollars, in thousands, except per share amount) |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenue |
|
|
|
901 |
|
|
|
4,142 |
|
|
|
1,846 |
|
|
|
15,669 |
|
Research &
development |
|
|
|
(13,928 |
) |
|
|
(12,015 |
) |
|
|
(42,975 |
) |
|
|
(35,618 |
) |
Manufacturing
commercialization |
|
|
|
(3,830 |
) |
|
|
(7,721 |
) |
|
|
(10,915 |
) |
|
|
(22,042 |
) |
Management and
administration |
|
|
|
(5,521 |
) |
|
|
(5,413 |
) |
|
|
(15,859 |
) |
|
|
(16,666 |
) |
Fair value
remeasurement of contingent consideration |
|
|
|
10,381 |
|
|
|
1,826 |
|
|
|
10,693 |
|
|
|
6,097 |
|
Other operating income
and expenses |
|
|
|
384 |
|
|
|
547 |
|
|
|
1,168 |
|
|
|
2,891 |
|
Finance costs |
|
|
|
(1,264 |
) |
|
|
(2,489 |
) |
|
|
(2,915 |
) |
|
|
(6,939 |
) |
Loss before
income tax |
|
|
|
(12,877 |
) |
|
|
(21,123 |
) |
|
|
(58,957 |
) |
|
|
(56,608 |
) |
Income tax
benefit/(expense) |
|
|
|
3,093 |
|
|
|
4,190 |
|
|
|
9,324 |
|
|
|
4,190 |
|
Loss
attributable to the owners of Mesoblast Limited |
|
|
|
(9,784 |
) |
|
|
(16,933 |
) |
|
|
(49,633 |
) |
|
|
(52,418 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per
share from continuing operations attributable to
the ordinary equity holders of the
Group: |
|
|
Cents |
|
|
Cents |
|
|
Cents |
|
|
Cents |
|
Basic - losses per
share |
|
|
|
(2.46 |
) |
|
|
(4.49 |
) |
|
|
(12.87 |
) |
|
|
(14.76 |
) |
Diluted - losses per
share |
|
|
|
(2.46 |
) |
|
|
(4.49 |
) |
|
|
(12.87 |
) |
|
|
(14.76 |
) |
Consolidated Statement of Comprehensive Income
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
March 31, |
|
|
March 31, |
|
(in U.S.
dollars, in thousands) |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
(Loss)/profit
for the year |
|
|
|
(9,784 |
) |
|
|
(16,933 |
) |
|
|
(49,633 |
) |
|
|
(52,418 |
) |
Other
comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be
reclassified to profit and loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in the fair
value of available-for-sale financial Assets |
|
|
|
(86 |
) |
|
|
36 |
|
|
|
(55 |
) |
|
|
(148 |
) |
Exchange differences on
translation of foreign operations |
|
|
|
942 |
|
|
|
1,527 |
|
|
|
368 |
|
|
|
(324 |
) |
Other comprehensive
(loss)/income for the period, net of tax |
|
|
|
856 |
|
|
|
1,563 |
|
|
|
313 |
|
|
|
(472 |
) |
Total
comprehensive (loss)/income is attributable to
the owners of Mesoblast
Limited |
|
|
|
(8,928 |
) |
|
|
(15,370 |
) |
|
|
(49,320 |
) |
|
|
(52,890 |
) |
Consolidated Statement of Balance Sheet
|
|
|
As of |
|
|
As of |
|
(in U.S.
dollars, in thousands) |
|
|
March 31, 2017 |
|
|
June 30, 2016 |
|
Assets |
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
|
Cash & cash
equivalents |
|
|
|
69,122 |
|
|
|
80,937 |
|
Trade & other
receivables |
|
|
|
6,522 |
|
|
|
4,054 |
|
Prepayments |
|
|
|
10,828 |
|
|
|
3,832 |
|
Total Current
Assets |
|
|
|
86,472 |
|
|
|
88,823 |
|
|
|
|
|
|
|
|
|
|
|
Non-Current
Assets |
|
|
|
|
|
|
|
|
|
Property, plant and
equipment |
|
|
|
2,153 |
|
|
|
3,063 |
|
Available-for-sale
financial assets |
|
|
|
1,911 |
|
|
|
1,966 |
|
Other non-current
assets |
|
|
|
1,911 |
|
|
|
2,343 |
|
Intangible assets |
|
|
|
586,713 |
|
|
|
587,823 |
|
Total
Non-Current Assets |
|
|
|
592,688 |
|
|
|
595,195 |
|
Total
Assets |
|
|
|
679,160 |
|
|
|
684,018 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
|
Trade and other
payables |
|
|
|
26,169 |
|
|
|
27,155 |
|
Provisions |
|
|
|
3,492 |
|
|
|
2,260 |
|
Total Current
Liabilities |
|
|
|
29,661 |
|
|
|
29,415 |
|
|
|
|
|
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
|
|
|
|
|
Deferred tax
liability |
|
|
|
53,369 |
|
|
|
62,693 |
|
Provisions |
|
|
|
55,729 |
|
|
|
63,749 |
|
Total
Non-Current Liabilities |
|
|
|
109,098 |
|
|
|
126,442 |
|
Total
Liabilities |
|
|
|
138,759 |
|
|
|
155,857 |
|
Net
Assets |
|
|
|
540,401 |
|
|
|
528,161 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
830,130 |
|
|
|
770,272 |
|
Reserves |
|
|
|
27,991 |
|
|
|
25,976 |
|
(Accumulated
losses)/retained earnings |
|
|
|
(317,720 |
) |
|
|
(268,087 |
) |
Total
Equity |
|
|
|
540,401 |
|
|
|
528,161 |
|
Consolidated Statement of Cash Flows
|
|
|
Nine months endedMarch
31, |
|
(in U.S.
dollars, in thousands) |
|
|
2017 |
|
|
2016 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
|
Commercialization
revenue received |
|
|
|
1,012 |
|
|
|
— |
|
Milestone revenue
received |
|
|
|
— |
|
|
|
3,500 |
|
Payments to suppliers
and employees (inclusive of goods and services tax) |
|
|
|
(73,443 |
) |
|
|
(74,223 |
) |
Interest received |
|
|
|
395 |
|
|
|
816 |
|
Net cash
(outflows) in operating activities |
|
|
|
(72,036 |
) |
|
|
(69,907 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
Payments for
investments |
|
|
|
— |
|
|
|
(805 |
) |
Payments for
licenses |
|
|
|
— |
|
|
|
(200 |
) |
Investment in fixed
assets |
|
|
|
(315 |
) |
|
|
(680 |
) |
Rental deposits
received |
|
|
|
453 |
|
|
|
— |
|
Net cash
(outflows) in investing activities |
|
|
|
138 |
|
|
|
(1,685 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
Proceeds from issue of
shares |
|
|
|
61,784 |
|
|
|
68,549 |
|
Payments for share
issue costs |
|
|
|
(1,884 |
) |
|
|
(6,501 |
) |
Net cash
(outflows) / inflows by financing activities |
|
|
|
59,900 |
|
|
|
62,048 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase
in cash and cash equivalents |
|
|
|
(11,998 |
) |
|
|
(9,544 |
) |
Cash and cash
equivalents at beginning of period |
|
|
|
80,937 |
|
|
|
110,701 |
|
FX (losses)/gains on
the translation of foreign bank accounts |
|
|
|
183 |
|
|
|
(1,228 |
) |
Cash and cash
equivalents at end of period |
|
|
|
69,122 |
|
|
|
99,929 |
|
For further information, please contact:
Julie Meldrum
Corporate Communications
Mesoblast
T: +61 3 9639 6036
E: julie.meldrum@mesoblast.com
Schond Greenway
Investor Relations
Mesoblast
T: +1 212 880 2060
E: schond.greenway@mesoblast.com
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