Ann: Investor Presentation, page-117

"I love the old marketing pricing efficiency arguments in capital markets and how poorly the market does at this end."

For further evidence of this, get a load of the billionaire in the AFR over the weekend. He tipped $50M into a stem cell company running a Phase 1 trial in knee osteoarthritis using umbilical cord stem cells. What was his decision-making process for the investment?: "My due diligence...was that I've seen this [anecdotally, unproven in clinical trials] work - looking at a spreadsheet is no good in medicine. [My fund CEO] told me this was a leap of faith."

There is serious money ready to back treatments for chronic and debilitating conditions out there - and a lot of people are prepared to throw big sums on money on the back of 'faith' and 'hope,' rather than hard data. Imagine what happens when the hard data begins to be generated by Cynata over the next 24 months across four different debilitating illnesses/conditions?

Just to contextualise the $50M investment he made for a company running a Phase 1 clinical trial in knee OA. Cynata is worth about $55 million, and for that you get:

Phase 3 Knee OA: recruitment completed 320 patients
Phase 2 aGvHD: recruitment underway
Phase 1 DFU: recruitment completed 30 patients
Phase 1 Renal: about to commence recruitment

Comparing apples and apples, I know where I would rather put $50M.

Source: AFR