Cell Therapy News/Articles, page-17726

Hi Reg,

this is a great article. I agree with you that it's worth revisiting (I enjoy how the European authors don't hold back in their verdict on Ruxolitinib & kinase inhibitors generally).

Fortuitously, this particular article was published in the Journal of Translational Medicine the day before the 2023 AGM last year, so I took the opportunity to speak briefly but directly with CEO Itescu about it during the post-AGM Q&A. Not sure if I've mentioned this previously.

I'll just say a couple of things here & leave the rest for that beer (or Pinot Grigio if @dolcevita has her way) after the '24 AGM:

- first, Mesoblast Ltd is aware of Medac GmbH in Europe; &

- second, MSB has made a very conscious choice to persist with inital market approval in the US markets primarily because of the economic uncertainties on Mesoblast's business of any trends toward international reference pricing (external reference pricing) or inhibitory elements of that reference pricing e.g. the absence of premiums for innovation.

My undertanding on leaving the '23 AGM was that the MSB Board feel it's critically important for Mesoblast's future business modelling on both platforms to be validated in its primary markets i.e. North America i.e. it will underpin future growth. I don't believe the Board's position has changed, & everything I'm seeing is consistent with implementing that strategy.

Cheers