Mesoblast delivers full year revenue of US$115M

• Mesoblast recorded a total product net revenue of US$115 million for the full fiscal year ended June 30.
• The product sales drove a fourth-quarter net revenue of US$2.03.
• The company plans to leverage its new five-year credit facility to fund label extensions and commercial strategic initiatives.

Biotechnology company Mesoblast (ASX:MSB) reported a full-year net revenue of US$115 million following increased sales of its approved cellular medicine.

The full-year revenue result exceeded the initial financial projections established by the company prior to the product launch.

"We are very pleased with the strong uptake of Ryoncil since launch and with revenues that have already exceeded our initial projections," said Mesoblast CEO Dr Silviu Itescu.

The company stated that its fourth-quarter revenue reached US$36 million and noted that its operational activities remain well funded.

Management anticipates continued revenue growth over the coming fiscal year, and following the announcement, the Mesoblast share price was down at $2.03.

The company focuses on developing off-the-shelf cellular medicines to treat severe and life-threatening inflammatory conditions.

Its primary product remains the only regulatory approved therapy for children under 12 suffering from acute graft-versus-host disease.