Why Mesoblast Limited Stock Is Jumping Today

Shares of Mesoblast Limited (NASDAQ: MESO) are rising sharply on Friday after the company reported positive results from a clinical trial for one of its pipeline candidates, remestemcel-L. The biotech's stock was up 7.3% as of 3:22 p.m. EDT, after soaring by as much as 24.5% earlier in today's trading session.

In a clinical trial investigating the efficacy of remestemcel-L in ventilator-dependent COVID-19 patients with moderate to severe acute respiratory distress syndrome (ARDS), the medicine was shown to reduce mortality by 46% in patients under the age of 65 through day 60, but not in those aged 65 and older. When combined with dexamethasone, remestemcel-L reduced mortality by 75% and increased ventilation-free days in patients under the age of 65 through day 60, compared to those treated with dexamethasone alone.

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