The share price of Mesoblast Ltd [ASX:MSB] is up on the back of news the company is due to complete their first interim analysis in early September.
This is for their Phase 3 trial of their lead product for COVID-19 Acute Respiratory Distress Syndrome (ARDS).
MSB shares are up 4.68%, to trade at $4.03 at the time of writing.
Source: Optuma
What’s happening at Mesoblast?
The company’s primary goal is to develop ‘innovative allogeneic cellular medicines to treat complex diseases resistant to conventional standard of care and where inflammation plays a central role.’
But they quickly turned their attention to acute respiratory distress syndrome (ARDS) related to COVID-19.
Right now, there are no approved treatments for ARDS in patients with COVID-19, which is the primary cause of death for suffers of COVID-19.
In a recent announcement Mesoblast Chief Executive Dr Silviu Itescu stated:
‘Remestemcel-L has two imminent major milestones, the interim analysis in the ongoing Phase 3 trial of remestemcel-L in COVID-19 patients with acute respiratory distress syndrome and the FDA advisory committee panel review of our submission for potential approval of RYONCIL™.’
The ongoing trials of remestemcel-L showed that patients at Mt Sinai Hospital in New York with moderate to severe ARDS were successfully taken off a ventilator and discharged from hospital within a median of 10 days.
This was shown to be true in nine out of 12 cases of 75% of the patients.
So promising early signs for the treatment are there.
MSB share price chart looks bullish
With the ongoing trails of Remestemcel-L and no end in sight for the COVID-19 pandemic, MSB may be well-placed for a bright future.
Source:Optuma
Looking at the MSB share price, back in January 2020 the 50-day moving average (green line) crossed over the 200-day moving average (red line).
Since then it has moved further up and away, indicating a bullish outlook.
With the MSB share price sitting at $4.03 at the time of writing, on reasonable volume should the movement up continue the next level that may provide resistance is $4.50 — being the most recent high, this may prove to be a very strong level.
Should the price turn and fall, then the levels of $3.42 and $3.07 may become the focus on the downside.
Regards,
Carl Wittkopp,
For Money Morning
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