How high could she go?, page-8

Based on the fact that a joint statement about the timeline of the CHF still hasn't been issued, the possible full impairment charge regarding the Revascor asset in Teva's recent report and the halt/suspension right in the midst of Teva's review time frame it is highly likely that this is a termination in the collaboration between the parties. I just don't quite buy it is a new partnership announcement especially when the RA's second cohort results still hasn't been released. SI only recently (< a month ago) revealed Teva has the right to determine its participation in the program and you don't normally see a company go into a suspension that long for a partnership deal. The last partnership deal with Cephalon was 2 days of trading halt and the announcement wording was "concluding a major corporate transaction with a global pharmaceutical company" instead of "material corporate developments".

To me the word "developments" means the company has being blind sided by Teva's decision. If you listen to the latest conference call closely SI was quite adamant that Teva's relationship won't change nor he would like to pre-empt their decision. The suspension may reflect on the uncertainty of the chf program where they are currently making a decision on going alone or stopping the trial. Given the company has less than 4-5 quarters of funds left without funding the chf trial the picture does not look good for them nor my portfolio.

So the real question is what is Mesoblast worth without a partner for Revascor?