Extract from Bioshares 338 dated 20/11/09 - apologies for the formatting of the text!!
Mesoblast - More Positive Data With Major Inflexion Point Approaching
Bioshares
Data from an ongoing adult stem cell trial by conducted by Mesoblast's
associate company, Angioblast, of which Mesoblast owns
38%, continues to be very positive. In the first group of 20 patients
with moderate-severe congestive heart failure injected with
the lowest dose of the proprietary adult stem cells, the 20 patients
achieved a 22% mean increase in injection fraction at six months
(37% increase at three months) compared to a 18% mean decline in
the control group at six months (11% decline at three months).
The data was presented at the annual American Heart Association
conference in Florida, by the lead investigator, Dr Nabil Dib,
the Director of Cell Therapy at the University of California – San
Diego (and the Director of Cardiovascular Research at the Mercy
Gilbert and Chandler Medical Centers in Arizona).
The safety profile was reported as excellent to date in the first 40
patients. The second 20 patient cohort has now been dosed. This
patient group has received a higher dose of the stem cells than the
first 20 patients. The data from this second cohort, which we expect
by the end of January, may be the most important data released
to date by Mesoblast/Angioblast. If it continues to be
positive, it will place Angioblast in a strong position for partnering
this program prior to Phase III studies – which could be a large
partnering deal – and should allow the company to start designing
its Phase III program which could begin in 2010.
The current trial involves a third active arm (20 patients again)
which will receive the highest dose of stem cells. It is expected
these patients will all receive treatment by early 2010. The stem
cells being used are allogeneic cells where the same set of cells is used to treat all patients.
Bioshares recommendation: Speculative Buy Class A
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