Ann: Novartis and Mesoblast Remestemcel-L Collaboration, page-599

Fair points there.

And I think you’ve touched on the key point here ... none of this means anything unless the COVID-ARDs trial reads out positively.

But assuming it does read out positively, the next key question is how Mesoblast would go about brining it to market? Obviously not on their own...

The Novartis deal provides the market certainty that should the trial read out positively, there is a partner in place who is more than capable on delivering from an operational and financial perspective. That for me is actually a very important box ticked...

So with that out of the way, it all rests with the trial results... if remestemcel-l does actually work against COVID-ARDs then today‘s market cap is clearly not reflective of the value or the company.

This is all without considering any value attribution to the CHF and CLbP program, which each in their own right are probably more valuable than the ARdS program.