Shaw and Partners Research Update, page-7

Looks like this $5.1m could be CLI partner upfront after presentation today we have started planning a phase 2 trial.

Trial set up H2 2018
Recruit H1 2019

It's a bigger market opportunity than GvHD by 4-5x

This is where the business model really starts to throw out huge numbers.

So GvHD is worth potentially $40m pa, and it's a royalty model.
say 50% falls to bottom line when in commercial production.
PE 20x (SaaS model)
GvHD value $400m

Also add the recent CTM Foot Ulcer JV likely to go to Phase 2, and I believe this would be a seperate target to CLI

now you can start to see how the cap can build with multiple targets next 2-5 years