I don't have a problem with that, but don't buy it as a means to the premise that Mesoblasts trial will be completely ruled out for approval or accelerated approval, or how exactly you have shown the line for what deems a missing of primary endpoints as absolutely detrimental for, in Mesoblasts case for instance, studies which have shown to be very promising in reducing heart attacks, strokes and general mortality at high levels of significance.
I do think however you would make a great contortionist, because you have been twisting and turning away very quickly from your little 1.5b is overvalued remark by focusing on little details and blowing them up to derail. Even if commercialisation is 5 years away, we are probably looking at a present value of $2b on this indicator alone (incl goodwill and patents).
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