Mesoblast closes IPO, raises $21 million
Wednesday, 08 December, 2004
Stem cell company Mesoblast today announced that its Initial Public Offer had closed fully subscribed, raising $21 million.
Of the funds, $10 million will be used to acquire a 33 per cent share in founder Silviu Itescu's US-based company Angioblast, which is developing cardiovascular applications for mesenchymal stem cells. The remainder will be used to develop orthopaedic applications for the stem cells.
Itescu said he was delighted with the evident endorsement of the company's strategy to commercialise adult stem cell technology developed by scientists at the Hanson Institute and the Institute of Medical and Veterinary Science in Adelaide.
The IPO was fully underwritten by Lodge Partners.
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