Melbourne-based regenerative medicine company Mesoblast (ASX:MSB) has debuted on the NASDAQ.
The company said it raised proceeds of approximately A$95.8 million (US$68.3 million) through the US capital raise, before the deduction of underwriting discounts and commissions and expenses.
The US issue represented approximately 12.6 per cent of Mesoblast’s issued share capital.
The 8,535,059 American Depositary Shares were issued at a lower than expected public offering price of US$8, representing a significant discount to the company's ASX-listed price as of last Friday.
The company said it intends to use the net proceeds of the offering for ongoing clinical programs, research and development expenses, commercial manufacturing requirements, and general and administrative purposes.
Mesoblast has established a portfolio of product candidates based on its proprietary allogeneic, off-the-shelf mesenchymal lineage cell-based technology, with multiple active Phase 3 clinical programs.
The company's lead product candidates target major diseases with significant unmet medical needs despite existing therapies. These include chronic heart failure, chronic low back pain due to degenerative disc disease, and immune-mediated conditions such as acute graft versus host disease and biologic refractory rheumatoid arthritis.