Ann: Capital Raising Presentation, page-226

https://www.clinicubes.com/many-stakeholders-different-costs-complex-clinical-trial-part-1/#:~:text=These%20costs%20are%20spread%20among,and%20Phase%204%20%E2%80%93%20%2420%20million.

Notes:

1. The above is in US$.
2. The above is approximate (i.e. 'around'). If you were to guess, would you think novel therapy costs would be higher or lower than the average. Yeah, that's right.
3. I estimate MSB's F2 costs for GVHD at US$15-20M. They did it all themselves with a HQ in Australia. But, all staff and office from/in the USA.
4. Now look at the last CR and how much was collected for CYPs P2 in GVHD. Yes, it's in AU$.
5. Now factor in a % increase to contract the whole lot out. I estimate 25%. I would not be surprised if it is 40%. Realise again that this is a novel therapy - the contractor will not have rolled out a trial for MSCs before (additional cost/time will be needed).
6. Let's put all the risk factors aside for the moment. Trust me, you don't want to discuss them.
7. At the last AGM (in late Nov 2022), CYP was still spouting about commencing the P2 FDA trial for GVHD in early 2023. Given all of the above, how was that ever going to happen? Incompetence, or something else?

I'm interested to read your thoughts. Try and stick to the topic. And don't waffle and write a wall of words - I won't read it - it hurts my eyes.