Mesoblast has reported a strong December quarter, with gross revenues of $US35.1 million ($52.4 million) from sales of its product Ryoncil, marking a 60 per cent increase compared to the previous period. Ryoncil is the first FDA-approved mesenchymal stromal cell product and is currently cleared for use in pediatric steroid-refractory acute graft-versus-host disease. Mesoblast is an Australian-based company focused on developing innovative cellular medicines for inflammatory diseases. It aims to address significant unmet medical needs with its proprietary technology.
The company announced that Ryoncil will be evaluated in a pivotal trial for adult patients, targeting a market segment approximately three times larger than the current paediatric segment. This expansion represents a significant growth opportunity for Mesoblast. Securing a US$125 million five-year interest-only facility from its largest shareholder has also strengthened Mesoblast’s balance sheet.
This financing has allowed Mesoblast to fully repay its senior secured loan and partially repay a subordinated royalty facility, significantly improving its financial flexibility. According to Chief Executive Officer Silviu Itescu, the improved financial position provides “greater flexibility for strategic partnerships and pursuit of label expansion for Ryoncil”.
