Ann: Remestemcel-L for COPD Published in Respiratory Research, page-61

1.This announcement is considered not price sensitive because it is simply repeating information already released in the journal article(s).

2. It's not like they are waving it around saying it is proof of efficacy and now they have a study that should be the basis of approval. (So stop judging it as if they were.)

3. They are very upfront about the fact that the trial initially showed no efficacy and that this is a post hoc analysis.

4. They are simply pointing out that further analysis is showing results seem correlated with CRP levels, and that based on this, it warrants further study, and it seems to be consistent with what is seen with ARDS, so that gives some support to MOA for Remestemcel-L in ARDS.

5. This is how science works. Hypothesize, test, learn something, use what you learn to develop new hypotheses, test, rinse, repeat, and eventually save many, many lives.

Keep up the good work Mesoblast.