Implications post Fuji option exercise or expiry

So as we finally have some movement I thought I'd raise a few points:

1. Firstly to Sumi. They floated a $2 offer (a 60% premium to then market) to force the Board into giving them a look under our skirts. But while the Fuji option was under extension they were never going to formalise an offer. They couldn't price it because they didn't know what they'd be buying. Would they have the right to sell CYP-001, or just the royalty stream from Fuji? Would they have the right to manufacture CYP-001 or be paying Fuji for that? And then there were the mythical "certain other rights"... So for mine the $2 was never a solid number, just a big enough number the Board couldn't ignore.

With a resolution of the Fuji issue, regardless of how it goes, Sumi have the certainty necessary to price an offer. So if they're still interested I would not be surprised to see them move quickly.

2. Some of us have been critical of the Board/management and the seeming lack of activity. But since March the licence agreement between WARF and Cynata has been under renegotiation. We don't know what issues Fuji raised, how serious they are or how they've been resolved (if they've been resolved). But regardless, the licence agreement, the cornerstone of Cynata's IP, was subject to change. In that situation no one else could enter into an agreement for any other indication. You can't start building a house if the foundations are being moved.

Whether or not the licence has been amended, it should now be settled - and that clears the way for a CLI partner. Again, I wouldn't be surprised if they already had a partner lined up waiting for resolution of the Fuji issue, so that could also happen quickly.

3. On the downside, Cynata has talked about pursuing GVHD on its own in the absence of Fuji exercising, so you would expect a CR in that situation.