Pick Today's Price Range Low-High... Just for Fun, page-984

MSB did a CR only around 7 months ago.

To go back to market right now would seem a little annoying to me to want another 100mil when they have only just received their past 100mil not long ago and still have 63mil in the bank. Cash is not needed for at least 9 months as a worst case scenario.

The only reason to go back now for a CR is to de-risk the FDA decision and take a very safe play on the chance of non approval of Ryoncil and so as to have cash to see them through another CRL and more trials (LBP, HF trials etc). That may be the play as we don't ever want to be raising at 30 cents again. MSB would never say that is the reason the the raise(chance of CRL derisking)

I get that on FDA approval MSB would need some more cash for some Sales and Marketing team(maybe) - but to be honest I feel the hospitals are already begging to use Ryoncil in an approved manner as it is already been used extensively through compassionate use in kids and adults. How much marketing does it really need to get to 300 to 500 kids p.a initially. Fairly negligible, unless they want to tout the off label use

Ideally we would want to wait 3 to 6 months for an FDA approval on Ryoncil and then do a raise at much less diluted $3 SP. That is the better play but MSB may not want to risk the FDA approval decision again. Lets see.