The Mesoblast Limited (ASX: MSB) share price is in the green on Wednesday.
The stock's boost has come the same day the regenerative medicine company released the results of a 36-month follow-up on a phase 3 trial. Within the trial, patients with chronic low back pain were treated with rexlemestrocel-L.
At the time of writing, the Mesoblast share price is $1.34, 1.9% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.71%.
Let's take a closer look at the non-price sensitive news released by the biotech company this morning.
Mesoblast gains amid news of another phase 3 trial
The Mesoblast share price is taking off today as its CEO, Dr Silviu Itescu prepares to present the results of a 3-arm trial at a showcase this week.
The trial found a single intra-discal injection of the company's allogeneic cell therapy rexlemestrocel-L, along with a hyaluronic acid carrier, may help reduce pain from chronic lower back pain associated with degenerative disc disease for up to 36 months.
According to the company, there is an unmet need for safe, effective, and lasting opioid-sparing treatment for the condition.
So far, it has noted the durability of pain reduction from rexlemestrocel-L was greatest in those who have had chronic lower back pain for less than 68 months (around 5.6 years).
Mesoblast states this suggests the drug is most effective when there's active inflammation from the disease and before irreversible fibrosis of the intervertebral disc occurs.
Additionally, patients who used opioids and received treatment with rexlemestrocel-L seemed to experience greater pain reduction than those who receive saline controls.
In fact, 28% of patients who were taking opioids and received an intra-discal injection of rexlemestrocel-L stopped taking their opioids.
That's compared to 8% of those who received the saline control.
The company has also received feedback from the US Food & Drug Administration's Office of Tissues and Advanced Therapies on the phase 3 program.
On the back of the feedback, it plans to conduct another phase 3 trial. This one could support submissions for approval in the US and EU.
The new trial's endpoint will be pain reduction at the 12-month mark. Its secondary endpoints will be functional improvement and reduction in opioid use.
Mesoblast share price snapshot
The Mesoblast share price has been suffering lately.
The company's stock is currently trading for 23% less than it was this time last month. It's has also fallen 48% since this time last year.
