Mesoblast chief executive Silviu Itescu says criticism that the stem cell therapy developer should have pursued a more targeted commercialisation strategy ignores demand from big drug companies to back "platforms" of drug therapies that can be used in the treatment of multiple diseases, rather than single products.

The biotechnology company on Tuesday told investors that Israeli drug giant Teva Pharmaceutical Industries had walked away from its commitment to fund the final clinical trials in its heart failure program. The trial seeks to show that heart attack victims who receive injections of stem cells are protected from further major cardiovascular events that lead to hospitalisation or death.