Mesoblast shares slammed on US FDA blow; set for worst session ever

Mesoblast

04/08/2023 04:55

(Updates)
    ** Shares of Mesoblast  MSB.AX  tank as much as 58.3% to
A$0.455, on track for its worst session ever, if trends hold 
    ** The U.S. FDA rejected MSB's cell therapy for children
under 12 years of age for treating type of complication that
occurs after stem cell or bone marrow transplant - MSB
    ** MSB says health regulator required more data to support
marketing approval for the lead product remestemcel-L
        ** MSB was seeking the FDA's approval for a cell therapy
to treat children with a type of graft versus host disease
(GvHD), whose symptoms did not respond to standard steroid
therapy or developed recurrence while continuing treatment
  
    ** MSB hits its lowest since Aug. 10, 2005 
    ** MSB tops losses on the ASX All Ordinaries index  .AORD 
    ** More than 52.5 mln shares change hands, vs 30-day average
volume of ~2.7 mln shares
    ** MSB up 25.3% YTD, as of last close 
    

 (Reporting by Harish Sridharan and Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))