From my understanding of this announcement, not reaching the primary end-point of 43% reduction in mortality is because the maximal care (without remestemcel-L) has improved so much that fewer patients are dying from Covid. I have read elsewhere that this reduction in the death rate is significant - 80% decrease - as hospitals better understand the disease.
This does not mean Remestemcel-L does not work.
Having said that, there is no sugar-coating that this announcement is going to damage the SP.
Ann: Mesoblast Update on COVID-19 ARDS Trial, page-206
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