Fair Value Please, page-277

Key Highlights•
448-patient Phase 2 clinical trial in osteoarthritis expected to commence in 2H 2019

Costs of trial substantially funded by NHMRC; no cash contribution from Cynata
Cynata to supply Cymerus MSCs to facilitate the trial

This trial will be one of the largest MSC trials ever run, representing a breakthrough achievement for Cynata and showcasing its capacity to produce MSCs at scale
•Cynata retains full commercial rights to the use of Cymerus MSCs in osteoarthritis, representing a market opportunity forecast to be worth US$11.6 billion globally by 2025
•Osteoarthritis becomes the third Phase 2 indication for Cynata, highlighting demand for the company’s Cymerus MSCs in multiple indications
•Trial will take place in Sydney and Tasmania, and will be managed by a world-class clinical team led by Professor David Hunter of the University of Sydney