Morningstar $2.10 valuation, page-74

"1. While I knew MSB needed to address their position of funding inadequacy, I thought they still had a couple more weeks of time in which to act. That they elected to do so now - and in the manner in which they have done so (given they have indicated for some time that they were are in advanced partnership discussions) - is quite interesting, to say the least."

You say it is quite interesting, to say the least... care to expand?

Obviously a partnership would be exceptional news, but I personally did not expect a partner in the next few weeks for CHF (interim not out), aGVHD/back-pain (MNK exclusivity until Aug/Sep) or RA (12 mth data due next Qtr). Did you?

And based on what you have been saying, activating the Kentgrove facility would be disastrous. And I believe @aatisket was spot on in saying that the Kentgrove facility would only be activiated if MSB decided to go ahead with the CHF program on their own.

So after seeing the share price jump from $1.03 to $2.39 in the space of 6 months ... would you say that a capital raising @ $2 (4.8% discount) is an acceptable means of funding?