Ann: Phase 2/3 Trial in COVID-19 ARDS Begins Enrollment, page-105

thank you for your comments on the ongoing trials, Remestemcel L and Remdisivir, very helpful to have a clearer view.

As for the SP, we should note that it’s slightly above 52 week highs reached in January. That was before obtaining priority review from FDA for aGVHD on April 1st. Markets were depressed at that time (April) and this highly significant event for a biotech company was not priced in.

Biotech at this stage of their development i.e. phase 3 completed with high likelihood of BLA approval, often have a much higher MC, ranging from US$ 5 to 10 (e.g. RETA, IMMU,...). MSB’s MC stands at only US$ 1.2... Although the focus now is on COVID/ ARDS treatment, a mitigated or weak result of the trial does not compromise imo the strength of the company’s pipeline and its huge potential.

All in my opinion.