Mesoblast (NASDAQ: MESO) started the week on a strong note. Shares of the biotech soared by as much as 58.2% on Monday and closed the day’s trading session up by 31.6%. Investors bid up Mesoblast’s stock today because the company announced additional positive results from a clinical trial for rexlemestrocel-L, one of its leading pipeline candidates.
Patients with chronic heart failure are at a higher risk of heart attack, stroke, and other cardiac-related illnesses. Mesoblast’s rexlemestrocel-L has a chance to improve these outcomes, if the results from the company’s phase 3 clinical trial are any indication. In December, the biotech announced top-line results from this study, which showed that those treated with rexlemestrocel-L on top of maximal therapies experienced a 60% reduction in the incidence of heart attack or stroke. These patients also saw a 60% decrease in deaths related to cardiac causes when treated at an earlier stage in the progressive disease process.