Mesoblast Ltd (MSB.AU) shares are soaring in Tuesday's trading session, surging by 11.20% following the company's announcement of strong quarterly sales figures for its flagship product, Ryoncil.

The biotechnology company reported gross revenue of $21.9 million for the quarter, attributed to sales of Ryoncil. This impressive financial performance has evidently boosted investor confidence, driving the significant uptick in Mesoblast's stock price.

Ryoncil, Mesoblast's lead product, is a cell therapy used for the treatment of acute graft versus host disease (aGVHD) in children. The robust sales figures suggest growing market acceptance and potentially expanding use of the therapy, which could signal positive long-term prospects for the company.