Maxim Update : 11th June 2019:
12-Month Target Price: $16.00
Mesoblast Limited BuyJCR Expands TEMCELL Collaboration; Now IncludesHypoxic Ischemic EncephalopathySummary• Mesoblast announced that it has expanded its collaboration withTEMCELL (AKA remestemcel-L ex-Japan) commercialization partner JCRPharmaceuticals (4552 - NR) for a second time, with the addition of neonatalhypoxic ischemic encephalopathy (HIE).• HIE impacts 2.5/1000 live births and can cause seizures, delayed developmentand cerebral palsy. Preclinical studies on MSCs have demonstrated a positiveeffect on neurobehavioral outcomes following HIE, and JCR plans to initiatea clinical study in July.• Recall that JCR already markets TEMCELL for steroid-refractory acute graftversus host disease (SR-aGVHD) in children and adults in Japan, whereit is the only approved treatment. Additionally, in Oct. 2018, JCR addedEpidermolysis Bullosa (EB) to its license agreement (see note from 10/24,LINK). JCR filed for marketing approval in EB in Mar. 2019.• Mesoblast maintains the right to use the data generated by JCR to support thedevelopment/commercialization of remestemcel-L for indications includingGvHD, EB wound healing, and now HIE.
• Conclusion: As the rolling BLA continues for remestemcel-L in aGvHD in theUS, the addition of a new indication to the JCR collaboration is a positiveand further demonstrates the potential of Mesoblast's cell therapy platform toaddress numerous diseases.
Mesoblast remains a leader in the cell therapyspace;shares remain undervalued.
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Ann: MSB Expands JCR Partnership To Brain Disease In Newborns, page-27
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