Medical technology company, Mesoblast Ltd
(ASX:MSB), has released its first quarter financial results for the current financial year.
Mesoblast’s loss before tax for this quarter was $22.9 million. This is a 74% fall in profitability, compared with same period last year.
The company says this profit result was due to by a $2.9 million increase in Research and Development costs. In addition, there was, manufacturing spending of $3.3 million, and a 95% drop in revenue compared to last year.
As for upcoming milestones, the company says it is in advanced discussions to establish potential strategic partnerships to commercialise its lead products – which will be used to treat conditions such as congestive heart failure, and chronic low back pain.
Mesoblast reported a net loss of $5.6 million at 30 June 2016.
