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Cynata website FAQs re why GvHD was chosen as the first indication despite being a small market:

"MSCs have been studied for a wide range of conditions. Why has Cynata decided to conduct its initial clinical trial in patients with graft-versus-host disease instead of pursuing a more commercially attractive indication?

MSCs have shown promise for a wide range of conditions, some ofwhich are very common. In the long term, it is true that treatingthose more common conditions is likely to be much more commerciallyattractive than treatment of graft versus host disease (GvHD),which is a relatively rare condition.The ultimate commercial potential of any Cymerus™ therapeuticproduct is clearly a key driver for the company. However, for aPhase 1 study, it is also important to consider factors, such asthe potential clinical outcomes, current standard-of-caretherapies, the likely duration of the study and recruitmentpotential. With this in mind, Cynata made the decision that aninitial target indication that can provide clear and speedyendpoints is ideal, even if it has a modest commercial potential.GvHD is such an indication. "