Hey KingtupAgree we do need cash. However confident SI can...

Hey Kingtup

Agree we do need cash. However confident SI can accomplish this. I think we have many ways to accomplish this (partnership upfront following CHF meeting scheduled very shortly - I think I remember in a teleconference SI said something like he is in process of partnership deal already which ever way FDA suggested as a pathway to approval?; licencing deal for CLBP outside Europe and China?; some sort of royalty sharing agreement?; Ryoncil early approval will likely generate cash very quickly and $30 million draw down from Oaktree?; licencing Ryoncil for CHRONIC GVHD - or patent transfer subject to Oaktree?; something about NASDAQ listing option?; regular CR albeit late; sophisticated investors etc). My point is it will happen IMO as long as our products show promise, and history supports this. Please not I am not an expert in raising cash but from discussions on this board, our past partnership upfronts, and history of raising cash I am optimistic this is not a significant risk I factor in my own decisions.

I am also confident we will see partnership deals quite soon (especially for CHF upfront). IMO being a new and different therapy has slowed us down (including potency assays, COVID...). I am comfortable with our progress we have made recently (we have been told the potency assays and CMC questions the FDA had have been addressed, we have generated extremely positive longer term data, we have the BLA in and a PDUFA date given as well as the decisive CHF meeting with FDA this quarter. Although took longer than 'short order' I feel confident MSB are focused on getting it right and am sure Dr Krause's experience is invaluable in moving forward. Yes I feel frustrated with timelines, but optimistically unwavering that our products work.

Yes I am frustrated at where the SP is now, but on the other hand I have taken the opportunity to buy more in what I think will be worth many multiples once things get moving (and I think we are near that turning point in time, especially if Ryoncil approved or CHF AA the way forward).

Regarding getting ahead of the competition, I remind myself that there are already products treating our therapeutic areas of interest (albeit U12 aGVHD not approved therapy - however products are still being used in this space). So I don't look at it as we need to get ahead of the competition in being the first to market (e.g. first EUA for COVID ARDS). We will take a significant chunk of the market once approvals follow because our products IMO have an outstanding safety profile and have enormous potential to save lives, help halt disease progression and sometimes are synergistic with current pharma therapies. Revolutions in medicine take time and we will get there much sooner than later IMO. Also, IMO following our first approval things will move relatively quickly (in terms of SP, rest of world approvals and sales, partnerships, 'off label' use etc). Anyhow this is how I see things unfolding. I do however appreciate your view.

Cheers and have a good weekend.