If MSB were a mining company...

If MSB were a mining company it would look like this:

Holder of several tenements with billion dollar revenues on 3 of these tenements (CHF, RA and back-pain).

CHF has been farmed-in by Teva and some time over the next 6 weeks, Teva is about to release an updated timetable detailing the new expected date of completion. Once resource is proven and approval lodged, infrastructure is already in place and ready for immediate ramp up.

A smaller tenement in GVHD in Japan is also farmed in by JCR and has commenced commercial sales late Feb2016 and is in ramp up stage- with peak penetration yielding US$20m annual royalty revenue due to MSB.

Child GVHD market in the US is looking to proceed with no farm-in partner, ensuring all value is kept within MSB. With a potential windfall of a coupon (worth approx US$100m). With small costs involved to bring this to market, this is a very smart move.

RA is about to release its inferred resource after several years of drilling (trials) in early Q3, with a farm-in partner to be announced shortly after to take it to the final stages of drilling to gain JORC resource before commercialisation.

Back-pain has gained significant attention in the market, and potential farm-in partners appear to be circling and tripping over themselves to get a piece of this action. Farm-in partner looking to be announced sometime in CY16.

In the background, CHF, RA and back-pain may be able to be fast-tracked to commercialisation in the second biggest pharma marking in the world (Japan), where significantly lower hurdles are in place to obtain JORC resource and commercialisation approval.

With a future pipe-line to potentially include a 'diabetes' tenement, that is another billion dollar potential waiting to be discovered.

With approximately 12 months of cash burn remaining at the current rate, management will be expected to secure additional capital within the next 6 months at the latest. with the capital to be non-dilutive, this is music to investors ears.