getting toward the pointy end of it all now..... In more ways than one .... Mesoblast is also at the 'pointy end' with respect to $$ yet again unfortunately -
remembering at least US $35 million is useless (and maybe more as tranches are drawn down) 
View attachment 5099059While the Rexlemestrocel-L CHF results are extraordinary and IMO opens the door for positive advice from the FDA to lodge a AA application for a restricted cohort, this meeting is not scheduled until next quarter - that could be as early as Monday 3rd April or as late as Friday 30 June ? I do not see any major pharma signing a CHF partnership deal until this FDA decision has been made and is received in writing.
Then there is the Oaktree facility - we keep hearing about the additional Oaktree funds of US $40 million but no one knows what these "certain milestones" actually are ? Is it as simple as acceptance of the BLA resubmission by the FDA or is it actually approval of Remestemcel-L for the treatment of children with steroid-refractory graft versus host disease (SR-aGVHD) .... is it split ... who knows but it makes a big difference timing wise ?
View attachment 5099026Is this US $40 million available in tranches of (say) US $20 million ? E.g. 50% (US $20 million) upon acceptance of the BLA resubmission and the remaining US $20 million upon approval (if granted by the FDA) ? Is that why the wording says "up to an additional US $40 million" and not just "$40 million may be drawn down" ... does this imply that the remaining US $40 million is available in tranches - again who knows but in the excerpt above from page 8 of the AR it would appear so -
"as further tranches are drawn" .... does this mean as a whole or in part ?
Another avenue for capital could be through the CLBP indication as the trial is scheduled to start mid year .... time is running out for finances to be in place for this phase 3 trial if it is to start on time so we will need to see $$ secured in the near future. Is this going to come from a partnership deal outside of Grunenthal's jurisdictions; a royalty type arrangement through an investment group or a Capital Raise ?
If I am big pharma and I am interested in the CHF indication, then I am going to want the CLBP indication as well given they both involve Rexlemestrocel-L so does that complicate the issue even more time wise while we wait for the FDA's decision ? Again who knows but the reality is that if the 'certain milestones' for the additional Oaktree funds aren't achieved soon and / or Mesoblast don't secure a CLBP partnership/royalty type deal then we need $$ from somewhere .... where is that going to be SI ?
(20min delay)