Treed, this is true but lets not forget for the first $0.5bn of...

Treed, this is true but lets not forget for the first $0.5bn of sales the average royalty payable  is only 5% and for the next $0.5bn it would be 9%. 

I have been extremely concerned about the market and retreated fully to cash last week. I "range trade" my favourite stocks when market conditions are so volatile. I did not use to do this, but it is madness to hold positions in high beta stocks when the market is in freefall ( other than for tax planning which seldom works). I have reluctantly opened a position in MSB tonight, buying 100,000 at the highs, because I really do not want to be out of the stock when the FDA provides dependable guidance on AHVGD. I also realise that on the conclusion of any "decent" global partnership agreement for CHF or CLBP this price may start with a "2" in front of it. From my point of view, MSB has shown from its agreement with Tigenix/Takeda that it has a robust patent position and the Tasly deal is a precursor for much larger deals for the more lucrative markets. I still am keeping a watchful eye on MSBs balance sheet as it burns through so much cash, but I genuinely believe that a successful conclusion of phase 3 trials for either CHF or CLBP would start off a major bidding war from global pharmas. I am always mystified at the performance of the US traded MESO but it appears relatively low volume and I believe the share register will migrate over to the US as soon as the FDA opines favourably.  I would caution private investors to observe similar falls in share prices have occurred in many new treatment companies such as Oxford Biomedica or GW Pharma. MSB is not the only share price which has been completely destroyed. Indeed we may still fall further.... but this company has the potential to be valued in the billions on a 2 year view. Good luck to all.