Mesoblast (ASX:MSB) share price surges 9% higher on trial update

a man in a business suite throws his arms open wide above his head and raises his face with his mouth open in celebration in front of a background of an illuminated board tracking stock market movements.

The Mesoblast limited (ASX: MSB) share price is starting the week on a very positive note.

In morning trade, the allogeneic cellular medicines developer’s shares are up 9% to $1.87.

Why is the Mesoblast share price surging higher?

Investors have been bidding the Mesoblast share price higher today following the release of an update on a phase three trial.

This relates to a trial of rexlemestrocel-L in 565 patients with New York Heart Association (NYHA) class II and class III chronic heart failure (CHF) with reduced ejection fraction (HFrEF).

According to the release, the results from the randomised, controlled phase three trial were presented as a late breaking presentation at the American Heart Association (AHA) annual Scientific Sessions.

The release explains that the new results show a significant relationship between the presence of systemic inflammation as quantified by high-sensitivity C-reactive protein (hs-CRP) and treatment benefit with rexlemestrocel-L on risk of cardiovascular mortality, heart attacks or strokes.

The trial’s co-principal investigator, Dr Emerson Perin, commented: “Cell therapy has the potential to change how we treat heart failure. This study addresses the inflammatory aspects of heart failure, which go mostly untreated, despite significant pharmaceutical and device therapy development.”

The study notes that a single dose of rexlemestrocel-L on top of standard of care reduced the incidence of heart attacks or strokes by 65% across all 537 NYHA class II or class III treated patients compared with standard of care alone.

Furthermore, compared with standard of care alone, a single dose of rexlemestrocel-L on top of standard of care reduced the incidence of cardiovascular death, heart attacks, or strokes by 33% across all 537 NYHA class II or class III patients.

Though, as previously reported, compared with standard of care alone, the addition of rexlemestrocel-L did not further reduce the frequency of hospitalisation for worsening HF symptoms.

Despite today’s gain, the Mesoblast share price remains down 20% in 2021.

The post Mesoblast (ASX:MSB) share price surges 9% higher on trial update appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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