Fuji WARF and the extension, page-21

@Rossi70 we only need successful phase 2 to go to market in Japan for stem cell products. Successful commercialisation in Japan should then speed up approvals in other countries.
Fuji presentations say that cash flows are about 2 years away for the gvhd product, and I think they are being conservative with their time frame.

@QiQi interesting thought re SDP/Fuji colluding. I don't see it happening. They each have their own manufacturing so they would then both have CYP tech and use it to compete with each other? It may sound simple to just allocate treatment spaces to each other but I don't think it would be so simple in practice. Isn't it simpler to pay a little more and just have the product. Plus I think about Australian competitors Wesfarmers/Coles or BHP/Rio and can't think of when they came together to buy a company, and i expect rivalries even more entrenches in Japan.
Also @QiQi it is my understanding that the structural arrangement in the contract that was worked on is not in relation to different companies marketing different products as you suggested, it was in regard to a number of separate companies being able to market the same product.

Hoping to see Fuji exercise, they'd leave it to or close to the last day (that's the risk averse thing to do with an option), no indication they have lost interest particularly since management continue to state that they are engaged. Based on last announcement SDP also still around...they are in a JV with CIRA so they already have an exceptional knowledge of CYP and I expect would not be wasting their time unless genuinely interested. Would be great to also see Bayer looking given their recent manufacturing purchase in this space.