Ann: CYP Presents at Major International Cell Therapy Conference, page-16

Isn't that reverse logic. You are saying Sumitomo wouldn't buy CYP because its so low?

Call me a trader, but I am more inclined to buy an object I valued as high as $2 (closer to $1 of course on dilution since really) at $0.33 or indeed $0.10 (52-week very brief low).

Whilst early trial results suggest a $200 million takeover would be cheap, thats all the more reason for a takeover. Its what MSB holders don't get in their animosity from all the inter stock trolling. If MSB gets the FDA nod at last, a takeover (or indeed more agreeable for us partnership) of CYP is suddenly ridiculously attractive and cheap.

We are certainly unlikely more informed than many big cheeses in big Pharma'. No way some opportune execs have not had a good look in the space and CYP not presented as a temptingly cheap possibility. A $200 million takeover would undervalue in our eyes (and we'd of course far prefer a partnership), but versus the market it could get them an absolute undeniable bargain and should not be dismissed for that reason alone, yet alone the wider context.

We don't wait until CYP gets P2 GVHD results before investing (knowing we buy in far cheaper). Why would Sumitomo or the like be any different. Ample evidence of takeovers/partnerships at phase I stage in bio-tech and CYP already phase III in knee OA anyway - the huge market potential.