NEW YORK and MELBOURNE, Australia, July 18, 2013 (GLOBE NEWSWIRE) -- Mesoblast Limited today announced that it has received approximately $4.3 million under the Australian Government's Innovation Australia Research and Development (R &D) Tax Incentive Program for R &D activities conducted in Australia during the 2012 financial year.
The funds will be used to advance development of Mesoblast's proprietary Mesenchymal Precursor Cell (MPC) technology platform and product pipeline.
Based on the Company's ongoing clinical and research activities in Australia across its product portfolio, Mesoblast anticipates that it will make additional submissions in FY2013 and be eligible to receive further reimbursements.
About Mesoblast
Mesoblast Limited (ASX:MSB; USOTC:MBLTY) is a world leader in the development of biologic products for the broad field of regenerative medicine. The Company's technologies include its proprietary adult Mesenchymal Precursor Cell (MPC) technology platform for bone marrow and adipose tissue derived products, Dental Pulp Stem Cells (DPSCs) and expanded Hematopoietic Stem Cells (HSCs). Mesoblast's allogeneic or 'off-the-shelf' regenerative medicine products focus on repair of damaged issues and modulation of inflammatory responses in conditions with significant unmet medical needs. The lead product candidates use its MPC platform in three major and distinct areas - systemic inflammatory conditions, cardiovascular diseases and orthopedic diseases of the spine. www.mesoblast.com