Australia's Mesoblast drops most in 10 months on discounted placement

Mesoblast

26/04/2023 02:23

** Shares of drug developer Mesoblast  MSB.AX  tumble as
much as 13.1% to A$0.86, their worst intraday pct loss since
June 14, 2022
    ** Co says it raised about $40 mln at A$0.85 per share, a
14.1% discount to the shares' last closing price of A$0.99 
    ** Funds raised will be put towards manufacturing and
commercialisation of its lead product remestemcel-L, a treatment
for children with graft-versus-host disease, among others
    ** Stock hits lowest level since Jan 10
    ** As of last close, stock up 13.8% YTD

    

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))