Mesoblast chief executive Silviu Itescu says the biotech has turned a corner after US regulators approved the company’s first commercial product since it was founded 20 years ago, setting a benchmark for its pipeline of other cell therapies to treat life-threatening diseases.

Mesoblast shares, which have been on a roller-coaster ride for decades, jumped 54 per cent on Thursday after the US Food and Drug Administration approved its cell therapy, Ryoncil, to treat children for complications that can occur during bone marrow transplants.