MSB 2022 - The road to commercialisation, page-1415

If that's the thinking, whey would they put millions in before (the BLA resubmission presumably?)?

Indeed! A very good question! And I suspect in seeking the answer to this question we may stumble on one of the reasons this raise is taking longer than normal!

Apart from difficult market conditions, we have uncertainty on the way forward in most of the indications - and where the way forward is clear further expensive trials are needed (and it is not clear that these can be funded through partnerships particularly given MSB's past history). The recent price history and absence of any meaningful short term price catalysts means that participants will be pushing for a significant discount. Overlay that with the issues around the Oaktree covenants, the high debt levels and Oaktree's effective control over all the IP and things do not look particularly rosy.

This is all reflected in the delays we are seeing play out. And should not surprise anyone!