Ann: Mesoblast Update on Chronic Low Back Pain Program, page-163

I now disagree, This is not a down grade, more a reality check of the old deal. Do not substitute for word "may " for the word "will "

MSB missed the primary end point, investors should have realised that maximum milestone payments are based on best outcome measures .

Grunenthal remain committed to this partnership and the indication is progressing. That is the takeaway message.

Some other takeaways : No mention of accelerated or emergency use authorisation in the US yet we know that these are possible. Has the FDA already said no or is SI leaving this as a potential upside . Better to have investors happy with a base SP than running the risk of disappointment. This won't please shorters, time to move on.

The time line for the FDA meeting may be more advanced than people think, I suspect we are more than 30 days in.

Good luck