The high-risk world of biotech investing is back in the spotlight after market darling Neuren delivered early investors more than $1 billion in paper profits in 18 months on the back of clinical trial results that helped it commercialise a drug for neurological disorder Rett syndrome in children.

Meanwhile, another ASX-listed biotech rollercoaster, Mesoblast, faces an August 2 date with destiny. That’s when the Food and Drug Administration in the United States will respond to Mesoblast’s request to have a stem-cell-based injectable treatment for acute-graft versus host disease in children approved for use.