Ann: Fujifilm Exercises License Option in GvHD, page-255

That is a pretty long question when you start to unravel it..... I own both companies, but the big three differences are ownership, stage of the company and technology.

MSB own their tech outside of the GvHD, which was acquired from Osiris. CYP have a license for their platform from WARF, which expires at some point unless extended. The way I read the last announcement it feels like a 50/50 split given royalty sharing if you are modelling future cash flow as of today’s structure.

MSB is in the late stages with a few phase three indications, a lot of patent protection and impressive Board of directors. CYP is pretty early stage, good partner in Fuji, with a few add on patents which helps with their license status.

Tech allogenic vs IPSC.

I bought CYP given the CR results in their Phase 1 GvHD and hope of a take over. I bought MSB on the hope it becomes a self sustaining giant. This is biotech so both very risky.