Stem Cell News, page-497

It was $1.80 right after an indicative takeover offer by Sumitomo happened.
This was late 2019. The offer eventually fell through and the share dropped a bit.
Soon after Covid hit and apparently this had a big negative impact on small bios. With Cynata, recruitment in trials was basically stopped for a year or two. They had a Covid ards trial which didn’t recruit very well and recruitment never finished. We were never told the results of it.
At end of 2021 (from memory) Fujifilm decided to discontinue the GVHD program and give rights back to Cynata. Cynata is now running the P2 trial and just starting to open all the recruitment centres. We are waiting for first patient to be recruited.
in the last few years numerous capital raises were made at lower and lower prices which steadily dropped the share price.
I also don’t think management did much to excite the market. In mid 2023 the previous CEO resigned as well as another director.
While the above sounds bleak, I think we are due for a climb. Probably the most anticipated announcement is the internim analysis of the DFU (diabetic foot ulcer) trial with the first 16 patients. Initial results of first 6 wounds show Cynata’s cells have a big improvement of wound healing over the standard of care. So we’re hoping that is replicated on the 16 patients.
Also recently the recruitment of the OA phase 3 trial was completed. 330 patients were treated in total so about 165 received Cynata’s stem cells to hopefully improve their knee osteoarthritis. That should be big news by any measure, but somehow we’re sitting at $20 mil market cap. Go figure