Mesoblast is committed to a program of clinical development of universal MPC products which target orthopaedic conditions including bone fractures, degenerative diseases of joint cartilage, and damaged intervertebral discs.

Overview
The process incorporates:

• completion of pre-clinical regulatory development and scale-up of its MPC products to good manufacturing practice (GMP) standards to meet US FDA requirements;

• completion of proof-of-principle clinical trials in one or more orthopaedic indications;

• completion of all pre-clinical and clinical requirements for submission of an investigational new drug (IND) application for the use of MPCs in an orthopaedic field; and

• assisting Angioblast, through Mesoblast's equity investment, to undertake proof-of-principle clinical trials and submit IND applications in one or more cardiovascular indications.

The pre-clinical dossiers that will be presented by Mesoblast and Angioblast Systems to the US FDA as part of the IND applications will consist of a GMP manufacturing and scale-up component, and the results of trials demonstrating safety and efficacy of MPC administration to animals with orthopaedic and cardiovascular conditions.

Mesoblast anticipates that the results of the proof-of-principle clinical trials using an individual's own MPC will be available at the same time as those of the pre-clinical studies. The inclusion of these data in the dossiers submitted to the FDA is expected to enhance significantly the likelihood of approval of IND applications to initiate multi-centre clinical trials using donated MPC in orthopaedic and cardiovascular indications.

Due to the shared nature of the platform technology, the cost of the pre-clinical development program up to the stage of submitting the IND application will be shared between Mesoblast and Angioblast according to commercially agreed terms. After completion of the pre-IND phase, each company will be responsible for completing its own multi-centre studies.

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Last Share Price

August 26 2010- Preliminary 2010 Annual Report

August 26 2010 - Mesoblast Financial Year End Results; Strong Clinical Progress, Major Regulatory Milestone and Enhanced Corporate Strategy

23 August 2010 - EGM documents - Letter from the Chairman, Notice of Meeting, Independent Expert Report.

16 August - Mesoblast on track for phase 3 bone marrow transplant trial following positive meeting with FDA

21 July - Mesoblast receives TGA regulatory approval to commercially manufacture adult stem cell products

12 July - Phase 3 meeting scheduled with FDA following positive results of bone marrow regeneration trial

28 May - Mesoblast featured at ASX Singapore conference highlighting emerging market leaders

19 May - United States FDA Clears Phase 2 Trial for Cervical Spinal Fusion

16 August 2010 - Southern Cross Equities research - Phase III getting ready for takeoff

23 July 2010 - Southern Cross Equities Research – Big Pharma will be watching

21 July 2010 - Southern Cross Equities Research – The clinical endgame nears

17 May 2010 - Southern Cross Equities Research – Capitalising the Stem Cell Opportunity

14 May 2010 - Bioshares

26 February - RBS Equities Research - Mesoblast (Buy) 1H10 - Master Blasters

July 2009 - Chairman’s Letter

May 2009 - Chairman’s Letter

May 2008 - Issue Nine