Shares in stem cell biotech Mesoblast jumped nearly 16 per cent after the company said it would pursue approval for its key heart failure drug in the US despite a clinical trial delivering mixed results.
On Monday the company told investors that additional data from the phase 3 trial of its Revascor product showed a “substantial and durable reductions in heart attacks, strokes and cardiac deaths” in patients with chronic heart failure.
The company had trialled Revascor on 537 patients with advanced chronic heart failure and it showed a reduction in mortality rates for heart failure patients. However, last December Mesoblast revealed this trial was unsuccessful in meeting its main stated aim: showing the drug reduced the incidence of trips to hospital for non-fatal heart failure events.
On Monday, the company released updated data from this study to the ASX, arguing that despite missing its main goal in regards to hospitalisations, the research suggested the drug could help reduce deaths of patients where there are few other treatment options.