Ann: MSB's Japan Licensee Receives Pricing For TEMCELL, page-78

Davo, Thanks for your post.

This will be brief as I have aplane to board,

On costs: I very much doubt that anyone with the slightest bit of commercial nous would enter into an agreement whereby they have no control of the revenue line, and they at the same time carry all the operating cost risk. (I know that, if i were a shareholder of a company that entered into that arrangement, I'd be firing off all manner of tersely worded correpsondence to the chairman, copies to all directors.)

But, on reflection, I think its a bit if a moot point anyway because I suspect that the Gross Profit Margins on these sorts of veery unique products will be huge, in excess of 90%, probably.

So I don''t think the cost question is too much of a subject with whihc we need to concern ourselves, because I don't think it will be a material number in the scheme of things, so it deosn't matter who has to account for it.