Mesoblast appoints new director

Mesoblast (ASX:MSB) has appointed former Roche Pharmaceuticals CEO William M Burns to its board as a non-executive director.

Burns was CEO of the Roche division from 2005-2009 and also served as a non-executive director on the Roche board between 2010 and this year.

He also serves on the board of Genentech, Chugai Pharmaceutical and Shire.

“Regenerative medicine has the potential to make a major impact on the way serious medical diseases are treated,” Burns commented. “Mesoblast is the global leader in the development of adult stem cell therapies and I am delighted to join this exciting company.”

Mesoblast recently reported its results for the first half of FY14, revealing it ended the period with a cash balance of $250.3 million despite an 11% higher net loss of $30.8 million.

Last month, the company secured a European patent covering use of its mesenchymal precursor cells (MPCs) in cardiac and vascular conditions.

Mesoblast (ASX:MSB) shares were trading 1.04% higher at $5.81 as of around 1.30 pm on Monday.