I'm not sure you can extrapolate Novartis walking with more bad news coming. They obviously didn't agree the treatment was worth the risk in ARDS, but that's fine.
That doesn't mean there further bad news is on the way. Especially considering the likely near term news flow will probably be GVHD and CHF, both of which NVS weren't a party to.
It's also weird that you're banging on about another capital raise - most would argue that raising capital is something MSB does very well.
Ann: MSB and Oaktree Conclude Refinancing of Senior Debt Facility, page-209
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