Mesoblast (ASX:MSB) share price soars 14% on clinical trial results

The Mesoblast Limited (ASX: MSB) share price rocketed on news that the company’s drug, rexlemestrocel-L, is showing promising signs.

The Mesoblast share price closed today’s trade 14.29% higher at $2.56 per share. Notably, today is the highest its shares have been since the failure of remestemcel-L in treating COVID-19 patients was announced in late December.

Why is the Mesoblast share price soaring?

Mesoblast announced that a single dose of its drug rexlemestrocel-L provides a reduction in heart attacks, strokes and cardiac death in patients with chronic heart failure.

The results come from its landmark, randomised controlled phase 3 trial with 537 patients. Of the patients, who all had chronic heart failure, some received…