BP,s info . update ., page-8

You say that you can't get people who talk negatively about MSB to 'nail' down the risks...Well let me have a go.

I'll start by saying I am not negative on the science behind MSB, I like their progress. I just don't like the company as a high conviction investment, as you so often spout about.

The risks;
- Clinical (Massive risk.... it's trials... no one can know the outcomes until they are released, sure the signs are positive in small trials but damn that's a large risk. This point is not a discussion)

- Funding (The cash burn is fast and consistent, this will not change. We can roughly predict 'some' cash flows from GvHD but when is the next therapy entering the regulatory system? Just look at the time GvHD took from phase 3 to initial revenue. Let alone the fact that GvHD revenue will not cover the cost of all the current clinical trials... they are still burning cash when that revenue is accounted for)

- Commercialisation (If partners are not found to do the distribution and marketing for EVERY product then MSB will be left to compete in a very competitive medical marketing/distribution space... this carries significant risk as revenue is not dictated by how many people 'could' benefit from a treatment but rather how many people know and use the treatment. I'll add to this the risk of deals, will they be in our favour or will MSB get screwed... I'm yet to be convinced of managements ability to pull off a 'good deal')

- Regulatory (Will they even show enough benefit and have no 'other' unforeseen results... Something will surprise us, I can almost guarantee that. Regulatory are notoriously fickle)

- Governance (This is something I've added recently, the company appears to be unable to properly judge financial markets and this concerns me as to their financial capability)

The 'serious lack of proportion' from my perspective is usually from your postings... you initially hailed the NASDAQ listing as a sort of saviour. It was not. Your continual calls of a MSB SP turn and 'revival' are constantly and plainly wrong. You are not a considered investor who has meaningful, rational discussions.

I have said for a long time, I like MSB's science. I would like a high risk parcel for my portfolio but I am yet to see it at a price where I consider it a buy. I am not a 'trader or hedging broker' or even a shorter, I am a considered investor who likes to discuss stocks in a rational way.

This post can serve as a brief warning to the risks. IT IS A SPECULATIVE COMPANY. It is not currently profitable and is not forecast to turn a profit in the near to mid term. KNOW THIS. LEARN THIS. UNDERSTAND THIS.

- I'm done for now... MSB as a company has under performed in the year just gone. I'll keep an eye on developments as they come but structural change (results and governance) is needed for even a high risk parcel to fit into my portfolio