The patents are robust enough to be paid a licence fee from...

The patents are robust enough to be paid a licence fee from Takeda, 10 million up front from memory and a royalty on sales. They have approval in the EU and Japan however the US trial has since failed. A hypothesis to the problem could well be inconsistent manufacturing of there cells and potency. This would put Mesoblast in a very strong position as it would seem that we now have this problem fixed. IBD for Takeda is a very big deal, There main drug revenue comes from this indication with modest benefit and high cost. They are prepared to pay big $$ for development drugs still in early stage, multi billions.

Last time I looked over the Cleveland Client website no mention of ongoing MSC trials. I would think that when the FDA gave MSB there rulling that potency assay would need approval before any further pivotal trials were conducted, Cleveland seemed to have dropped all the trials.

The results that we do have are very good, pivotal trial ready or perhaps even good enough for some off label use collecting very valuable real world data.