What is the major source of funding for the company?
Mesoblast's cash reserves ($178.6 million on December 31, 2012) enable simultaneous product development with future revenues expected from milestone payments, distribution arrangements and direct sales. Publicly-listed on the Australian Securities Exchange (ASX) since 2004, there are approximately 288 million shares on issue, with approximately 80 percent ownership by institutional and sophisticated investors.

Share with us some of your alliances with other companies in the field.
Mesoblast has formed a strategic alliance with Teva Pharmaceutical Industries to develop and commercialize potential stem cell therapeutics for cardiovascular and central nervous system indications.

With Teva, Mesoblast is developing an adult stem cell-based therapy for the potential treatment of cardiovascular diseases, including congestive heart failure (CHF) and acute myocardial infarction (AMI), conditions that are the principal causes of hospitalization and death in the industrialized world. Mesoblast is in detailed discussions with Teva on a phase III trial design for CHF that will involve an early interim analysis to evaluate evidence of efficacy.

Additional cardiovascular indications being investigated with Teva include intracoronary injection of MPCs for prevention of heart failure after an AMI. An ongoing placebo-controlled phase II trial in 225 patients is actively recruiting. Mesoblast is also developing a stem cell therapeutic product for the potential treatment of various vascular diseases of the eye and is currently conducting a phase II trial for age-related macular degeneration (AMD) in Singapore and Australia.

A phase III clinical trial using MPCs to expand hematopoietic precursors from cord blood for transplantation in patients with hematologic malignancies is underway in the US, with plans to broaden the study to Europe. An agreement with biologics manufacturer Lonza has been formed for clinical and long-term commercial production of Mesoblast's allogeneic adult stem cell products. The alliance provides Mesoblast with significant commercial advantages, including certainty of capacity to meet long-term global supply of its proprietary MPC products.