Mesoblast Limited (NASDAQ: MESO) Rallies After its Cell Therapy Treatment Gives an 83% Survival Rate in COVID-19 Patients

Mesoblast Limited (NASDAQ: MESO) was a huge gainer in Friday’s session and was up by 139.53% at the day’s close. This followed the company’s announcement that there was an 83% survival rate in ventilator-dependent, ARDS COVID-19 patients who used its stem cell remestemcel-L product. The company further announced that 75% of the patients who used the therapy got off ventilators in about 10 days. Within those 10 days, seven of the patients fully recovered and were released from the hospital. The patients had received a host of other treatments before getting stem cell therapy.

The company further announced that only 9% of the ventilator-dependent patients in a New York Referral Hospital came off ventilators between April and March. The mortality rate from those on ventilators with standard treatment is also quite high and stands at 88%. The results in New York are consistent with Chinese data showing that the mortality amongst patients on ventilators and with moderate to severe ARDS was more than 80%. Such results support the revolutionary nature of the stem cell therapy by Mesoblast.

Commenting on the results, Mesoblast CEO Dr. Silviu Itescu stated that, the clinical outcomes in critically ill patients was an indicator of the massive potential benefits of the company’s stem cell treatment for COVID-19. He further stated that the company plans to complete the randomized, phase 2/3 clinical trial to confirm that the treatment increased the survival rate of patients in critical conditions.  

On his part, the company’s Chief Medical Officer Dr. Fred Grossman said that there was a need to push up the outcomes of COVID-19 patients, who need ventilators. He added that the company had implemented more widespread analysis of the company’s phase 2/3 trial on the recommendation of the FDA.

Looking at its price action, MESO is in a breakout. The stock gapped up and opened the day at $15.61. It then traded between a low of $13.01 and a high of $20.557, before closing the day at $15.45. Volumes in day stood at 30.42 million.

About Mesoblast Limited

Mesoblast Limited is a biopharma company that develops cellular treatments. It is based in Melbourne, Australia.