Ann: Annual Report to Shareholders, page-72

I cannot believe MSB still lingers at this price. Its on the verge of likely approval for a resubmission of its srGVHD BLA once talks with the OTAT are concluded. If it is successful the approval will eventually cascade into the approval of its other applications. It does seem like the final hurdle is convincing the FDA's OTAT on potency assays and chemistry, manufacturing and control items and the srGVHD application can then progress.

Its quite funny to recall the sheer exuberance that existed in the markets last year and the complete ambivalence this time around. I was selling around the ODAC meeting highs, only to buy back lower. Alas I did notsell ahead of the ARDS results. I have however loaded up at these prices (selling out of US stock gains). If MSB gets the green light on GVHD, that's a massive orange light to C-19 ARDS, CHF and CLBP. This stock could easily be back at $4 in a month or two on the usual market exuberance that follows successful announcements. There is not enough risk adjusted premium in this stock for the forthcoming OTAT feedback.