Ann: Update on BLA for Graft Versus Host Disease, page-741

The recent announcement has a heavy impact on shareholders and it's now back to the drawing board. At this stage I have no idea how long it will take if a product got approval and looking at the financials it is a pretty bad picture.

There are two on -going loans:

Oaktree - US$90M drawn and a possible $40M available. This balance is only available if certain milestones are achieved before 30/9/23

Nova Quest - US$30M drawn of the $40M. Surprisingly no mention was made on the balance US$10M. I can only assume this is not available.

Hence in total the current borrowings are US120M. Cash in hand is $71M.

Put yourself in the shoes of both Oaktree and Nova Quest and do you think they are comfortable with the current situation. Nova Quest is secondary to Oaktree and they could lose the full amount they loaned to MSB.

As far as Oaktree is concerned they may just decide to cut losses and take what is currently available. If that is the case shareholders will have to kiss their investments goodbye.

I do hope this is not the case but it is a possibility and should not be ignored. I am still holding and fortunately my investment is not going to have an adverse effect on my finances, but it would be a disappointment to have held this share since 2015 and had hopes of this company not just making good profits but lives could be saved or improving the quality of life for those suffering from back pains which I do.