Easy, to your first post, the reason they are doing this phase 1...

Easy, to your first post, the reason they are doing this phase 1 is it will show, as Blokes pointed out, efficacy. Its why they changed the trial to GVHD so potential partners, acquirers, licensees etc not only see safety but they will also see, though not statistically significant, efficacy. It either works or doesn't work and you see it relatively quickly. MSB has already shown MSC's work in GVHD so the risk to our top of the range MSC's not working you would bet, as very very low.
I agree with your sentiment on the upfront, as I ask why would a company outlay big money pre clinical, because if they get it wrong and it doesn't work in Humans (small chance, but a chance never the less) they'd lose there Job. Whereas if you wait and see the clinical data in the Phase 1, which is a fast trial, you would be fairly confident that you could take this science and apply it over multiple diseases at a low manufacturing cost.
Todays announcement just reminded the market that they are moving towards the Phase 1 in July and the stock popped 12%.
Imagine what the stock could do as the trial starts in probably just over a month.

It'd be a real shame for the board to enter into a binding contract with the Japs until the power shifts back to CYP. They delayed last time for 60 days, the board should delay or cancel them until after the clinical data is presented.