Stem cell medicine developer Mesoblast Ltd. (MSB.AU) said Thursday it has received approval from U.S. authorities to begin an advanced trial of a treatment that could boost the number of bone marrow transplants for patients who cannot find a matched donor.

The company said in a statement the Food and Drug Administration had cleared its Phase Three trial for bone marrow regeneration in patients with blood cancers.

"We hope that this particular product will make bone marrow transplantation a more widely used and safer option for critically ill patients who undergo chemotherapy to potentially cure blood cancer," Chief Executive Silviu Itescu said in the statement.

Mesoblast's shares rose after the announcement, and at 0124 GMT were up 3.4% at A$8.75, outperforming the broader benchmark S&P/ASX 200, which was down 0.4%.

The Melbourne-based company uses adult stem cells to develop regenerative therapies.

Mesoblast aims to produce a product that can be used in bone marrow transplants where a perfectly matched donor cannot be found.

It said the therapy could expand the number of unrelated donor transplants by three to four fold.

Itescu said the bone marrow product could be the company's first revenue generating biologic therapy in the U.S. and Europe.

 
   -By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com
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