Biotech Shares Soar Following Major Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, November 22, 2023

An Australian biotech company stole the show on Wednesday after it was announced that Blood and Marrow Transplant Clinical Trials Network (BMT CTN), a body including centers responsible for approximately 80% of all US allogeneic BMTs, has entered into an agreement to develop a pivotal trial of the company’s lead product in the treatment of adults with steroid-refractory acute graft versus host disease (SR-aGvHD), according to the release.

While the press release was pretty technical in nature, the bottom line is traders were excited about the news as shares of Mesoblast Limited (Nasdaq:MESO) went soaring on Wednesday. Shares of this small cap reached $1.33/share (+9.92%) at the early session high.

Mesoblast Ltd is a clinical-stage biotechnology company. It develops and commercializes innovative allogeneic cellular medicines to treat complex diseases resistant to the conventional standard of care. Its portfolio of Phase 3 product candidates comprises remestemcel-L for the treatment of steroid-refractory acute graft versus host disease (SR-aGVHD), and for moderate to severe acute respiratory distress syndrome (ARDS) and others.

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