LONDON, UK / ACCESSWIRE / January 13, 2017 / Active Wall St. blog coverage looks at the headline from Mesoblast Ltd. (NASDAQ: MESO) and Mallinckrodt PLC (NYSE: MNK). Mesoblast announced that it has received A$29.6 million (US$21.7 million) following issuance of 20.04 million shares to Mallinckrodt. The Company stated that the shares will be held in voluntary escrow for a period of 12 months. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

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The Agreement

Under terms of the equity purchase agreement signed on December 23, 2016, Mallinckrodt was to purchase approximately 20.04 million (4.99%) of Mesoblast's ordinary shares at a price of A$1.4761 per share. As per agreement, Mallinckrodt has an exclusive period of up to nine months to conclude commercial and development agreements for two of Mesoblast's Tier 1 product candidates, MPC-06-ID in the treatment or prevention of moderate/severe chronic low back pain due to disc degeneration and MSC-100-IV in the treatment of acute graft versus host disease, in all territories outside of Japan and China.

The Product Candidate

Mesoblast's product candidate MPC-06-ID is currently being evaluated in a 360-patient Phase-3 trial as a treatment for moderate/severe CLBP due to disc degeneration in patients who have failed other nonsurgical options, including steroid injections and opioids. Data from 24-month follow up of 100 patients participating in a randomized, placebo-controlled Phase-2 trial of MPC-06-ID were presented in August 2016 at the 24th Annual Scientific Meeting of the Spine Intervention Society.

Mesoblast's product candidate MSC-100-IV is currently being evaluated in a 60-patient open label Phase-3 trial as a front-line therapy for children with steroid-refractory acute GVHD. The trial was recently successful in a pre-specified interim futility analysis, and Mesoblast expects to fully read out trial results during 2017. Based on guidance from the United States Food and Drug Administration (FDA), Mesoblast believes that positive data from this Phase-3 trial may be sufficient for filing for accelerated approval of MSC-100-IV in the United States. Mesoblast plans to broaden the use of its therapy in adult patients with high-risk steroid-refractory acute GVHD.

Stock Performance

On January 12th, 2017, Mesoblast's shares closed the trading session at $6.01, declining 4.45% for the day. A total volume of 6,785 thousand shares were exchanged during the trading session. The Company's share price has gained 6.94% in the past one month and 0.67% in the past one year. Mesoblast's stock has a market cap of $493.41 million.

At the close of trading session on January 12, 2017, Mallinckrodt's stock price rose 2.34% to end the day at $51.62. A total volume of 1.71 million shares were exchanged during the session. The Company's share price has gained 3.61% on YTD basis. The stock currently has a market cap of $5.58 billion. Shares of the company have a PE ratio of 11.77.

Earnings Alert: Mallinckrodt will report earnings results for the transition period of October 01, 2016, to December 30, 2016, on February 07, 2017.

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