Why Mesoblast Limited Is Rising Today
On Thursday morning, biotech company Mesoblast Limited (NASDAQ: MESO) released data from a phase 3 clinical trial for one of its leading pipeline candidates, rexlemestrocel-L. Investors seem to be impressed with this data since the company's shares are rising sharply as a result. As of 1:25 p.m. EST, Mesoblast Limited's stock was up by 8.7%, after jumping by as much as 18% earlier today.
In a phase 3 clinical trial that enrolled more than 400 patients with chronic low back pain due to degenerative disc disease (DDD), a single injection of rexlemestrocel-L reduced low back pain significantly for at least two years. The best results were obtained when the treatment was administered early in the disease process. These results indicate that rexlemestrocel-L may provide a non-opioid alternative for those suffering from low back pain due to DDD. Of note, chronic low back pain accounts for 50% of opioid prescriptions, and amid an ongoing opioid crisis, regulators are actively looking for substitute therapies.
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Source Fool.com
