Analysis of the EAP, page-47

@stockrock,Yes, good questions. I'm trying to learn the same as everyone elseand appreciate the exchange of ideas.

I have followed MSC's longerthan the other cell lines and feel more comfortable there. Dr. ArnoldCaplan of Case Western Reserve, who you can find on the internet withthe title “The Father of Mesenchymal Stem Cells”, says weshouldn't even call MSC's stem cells. He proposes the term MedicinalSignaling Cells to maintain the initials but to give a betterreflection of how these cells function. They have some degree ofdifferentiation which allows them to do work as opposed to justdividing. There's a body of scientific literature investigatingthese cells and successes and failures are documented in clinicaltrials. There's a dose-response curve and a max effective dose canbe seen. With experience cell culture/handling techniques and RCTresults have improved. It's been a long and rocky path to the BLAnow filed with the FDA. We have good evidence of efficacy andregulatory approvals elsewhere, with Temcell in Japan and Alofisel inEurope and various reports of clinical studies from around the world. From an investor viewpoint, that gives confidence. So, when westart talking about other cell lines whether developed by Mesoblastor other companies, I'm more hesitant – as an investor. Especiallycells labeled “precursor” or “progenitor”. Are theydifferentiated enough to do some heavy metabolic/immunologic lifting, or do they just want to have fun dividing? That's been mybig criticism with Athersys and it's even compounded there becausethey have to send 6-10 MAPC's to do the work of 1 MSC. Like sendinginfants to a construction site, increasing the number may not get the heavy lifting done. So, on MPC's I don't know for sure, we need evidence, whichis what we're waiting for from the trials. Have to trust thescientists a bit. I do note this and I haven't seen it discussedanywhere else: it appears that for systemic IV administration (GvHD,Crohns, ARDS etc) Mesoblast is pursuing MSC's. They didn't pull outthe MPC's to go after SARS-Cov-2. The MPC's are being used more forfocal administration directly into the back or heart, not IV. Wemight ask, why is that? And what advantage do MPC's bring over MSC'sfor those types of applications? These cells are allogenic and areNOT grafting, so why have MPC's been chosen for heart and back? Limited knowledge and experience, it's a question I honestly can'tanswer, but would like to hear from others or point me to literaturefrom the company.

Disclosureserhapsthe same as Roy, I'm a former Osiris investor. Made my firstinvestment there in Sept 2009, right after BMY acquired Medarex and Iwas looking for new investments. Iclaim no particular expertise or specialization. I like generalistswho look at the big picture. My motives are not purely profit driven, there is a humanitarian side to all of this. I believe in scientific testing as theway to the truth. I abhor quackery in its many forms and espouse“evidence-based medicine” which encourages us to seek data ratherthan the opinion of experts or even non-experts (which puts me in aquandary trying to invest on my own opinion).

Ihave no affiliation with either Osiris or Mesoblast and no contactwith any of their officers, directors or employees past or present. All of my posts represent my OPINION which I try to base oninformation/facts available to anyone with internet access. I seekto sway no one and generally do not make buy or sell recommendationsas you might note below. This is high risk. Do your own duediligence before stepping in the do-do.

Thatbeing said, there are two things curious to ME. I definitely met PFin 1993 or 1994 when he was in the process of creating Osiris. Totally forgot about the meeting, and I mean totally, until a fewweeks after the last time I shook hands with him, which was at anOsiris ASM. One day I said to myself, didn't you meet him before? Sure enough I found a hand-written card in my old Rolodex (that's howfar back this goes) with his name and phone number. Now I rememberthe meeting (s) well. Small world, paths crisscross.

It'salso possible I met SI or even one of you at a 2-day biotech investorsummit in maybe 2005 +/- two years. Diana Ross performed, name thecity and I'll confirm, but please respect my cover. (Hint: city notUS, not Australian). There was a gentleman with an accent talkingabout stem cells during the cocktail hour. I said to myself, “stemcells from Australia, hmmm”. No offense intended but it IS thekind of thing that sticks in your memory. Could have been anothercompany? I'm not sure. Maybe someday I'll dig through old papersfor evidence.

Inany event I didn't invest in Osiris in 1995 and I didn't invest inMesoblast in 2005. I'm not THAT crazy.

Gltaincluding me: Can't find the OLD HC format option, but appreciate theadvice.