Ann: CYP Enters Letter of Intent for Strategic Alliance in Japan, page-24

Not sure what the problem is. As a reminder, ---- Cynata and Regience have identified a mutually beneficial business opportunity to enter a business partnership under which Regience would license, develop and commercialise Cynata’s proprietary Cymerus™ therapeutic mesenchymal stem cell (MSC) technology in certain territories, including Japan.

It's a business partnership, not a charity. Regience is interested to license, develop and commercialise Cynatata's MSC technology, exactly what Ross MacDonald said companies would be interested to do. This is proof that this is indeed a viable strategy and companies would want to do exactly that. Yes, Regience is a small company but it doesn't take away the fact that this seems like a legitimate business model and there is no doubt that as the need for stem cells in pharmaceutical therapy increases, we will see even more companies queuing up to license CYP's unique technology. I think this is a hold and it would be a mistake to sell into any news in the long run.