If you go to www.clinicaltrials.gov and find the details of the...

If you go to www.clinicaltrials.gov and find the details of the Mesoblast trial, you will find that the primary endpoints were NOT efficacy but safety and tolerability, with secondary endpoints of efficacy.
It probably should have been called a phase Ib/IIa trial rather than a phase II trial.
Never-the-less and despite the very small numbers involved one of 45 patients died on MSB's Revascor compared to 3 of 15 controls.
None of the 15 high dose patients were readmitted to hospital or died.
The trial shows great promise (blue sky) but a much larger trial will be required to satisfy US regulators, let alone the Macquarie analyst.