banter and General Discussion, page-181

This week has been a good one for shareholders, having the price close at 54c above the previous week’s close, week’s trading of 57.8M shares and importantly MSB back into the ASX 200. I did not expect to see MSB to be over $4 after holding for about 5 years and I must say all Hot-Copper posters are extremely pleased with this week and even on a weekend it is the most talked about share in HC. It is like 7/11 open 24 hours and wonder if some do get to sleep.

We are also seeing many planning for the future and ticking off their wish list. While is it a nice feeling, let us not get carried away and wait for what eventuates. We are not quite there yet and it would still be a few months more before we see some revenue coming in.

1. Ryoncil- the priority review is on 30 September and if approved the launch will be shortly after that. The Prof did mention that the focus is on launching of Ryoncil which will be the value drive of the company. A sales force led by Eric Stati will be focusing on 15 sites in the US that do 50% of pediatric transplants. Hence we can expect a flow of revenue towards the end of this year. It would be interesting to see the figures as at this stage no one can really estimate what they are and it would be pointless speculating.

2. Remestemcel_L- we know ARDS trials commenced on 5 May. Enrolment to completer with 3-4 months. First interim analysis will be when 30% (90-100 patients) have completed primary efficacy variable. Expected time frame, perhaps early July + about 1 month for data analysis. If there is substantial efficacy study could be stopped. We also have been informed that the advisory committee meeting is planned for August. This will be a very important meeting as firstly the results must meet the endpoints agreed upon. Secondly MSB must demonstrate that they have the capacity to treat the patients and hence have to get the production capacity finalised to meet demand. Thirdly the longer the patients remain on ventilators, the greater is the chance of long -term effects such as fibrosis. Hence reducing mortality is not the end all but to have complete resolution. This decision is not in the hands of MSB but the advisory committee. We shall know about this come August.

3. Readouts- CLBP and HCF. This is expected as advised, in the middle of the year. We are now at the middle of the year and this is something we should be hearing shortly. Partnerships could eventuate with positive news. The next 3 months will chart the future of MSB and let’s hope we get positives on all 3 fronts to ensure that we see value being realised.

Have a good weekend.