Ann: Jane Bell Appointed Chair of Audit and Risk Committee, page-14

At the same time, I wouldn’t dismiss the potential support from portfolio investors that could be available if the company were able to make progress with its final potency work and/or communicate its investment case including risk adjusted projected returns better with institutions (the latter is never easy). Bell could, however, be an eloquent spokesperson or negotiator. Australia’s retirement savings pool is now huge, and the institutions/super bosses can take much greater risk than individuals because of their sheer scale.

I will share some thoughts and impressions on the regulatory guidance on potency tests for cellular and gene therapies, which I had a quick read of, if I have time. They represent the final hurdle for the children’s GVHD BLA. I believe the odds of satisfying the regulator are finely balanced, maybe better than half if we follow the optimism expressed by the company. I actually believe that the conservative estimate is probably consistent with market thinking and the current share price. The regulatory guidance or lack thereof may turn out to mean that it works in the company’s favour and move it up further.

Be aware of providing liquidity for the shorters before you think these things through, at these prices, even with the lack of macro or market visibility or clarity.

The hard choices in front of the company might turn out to be really good choices if made correctly.