ASX Health Stocks: Mesoblast’s Q3 revenues, Osprey restructures business to reduce debt
Health & Biotech
Health & Biotech
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Cellular medicines specialist Mesoblast (ASX:MSB) says its revenues in the third quarter increased by 5% on the same quarter last year, to US$2million.
For the nine-month period to March, its total revenue also grew by 46% to US$8 million.
The company says it’s well funded, with cash on hand at the end of the quarter of US$76.8 million.
It also has an additional US$40 million available to be drawn down from existing financing facilities subject to certain milestones.
The company recently announced that JPMorgan Chase and its affiliates have ceased to be a substantial shareholder.
Mesoblast is currently undergoing clinical research activities to commercialise a drug that treats GVHD (graft versus host disease).
It’s also developing product candidates based on its remestemcel-L and rexlemestrocel-L allogeneic stromal cell technology platforms.
The company has a strong and extensive global intellectual property portfolio, with protection extending through to at least 2041 in all major markets.
Telix Pharma (ASX:TLX) announced that Doug Cubbin will step down from his role as group CFO on July 31.
He will be replaced by Darren Smith, an experienced executive with over 20 years of finance and general management experience.
Group chief operating officer (COO), Gabriel Liberatore, will also step down from his role, effective July 31.
Telix says the regional COOs for Americas, EMEA and APAC and the general manager at its Seneffe facility in Belgium (unnamed) will now lead the operations functions in their respective regions under the leadership of regional CEOs.
Telix also advised that a new CEO for the Americas region has been identified, with an early Q3 2022 start date anticipated.
Meanwhile, Osprey Medical (ASX:OSP) announced a restructuring of its business to honour customer, employee and supplier commitments.
The company is working with creditors and other stakeholders to reduce the company’s debt and gain access to new sources of liquidity.
Osprey expects that its shares will remain suspended from trading until at least completion of the business restructure.