I like this bit - rgds Peter There is no flaw in terms of the...

I like this bit - rgds Peter

There is no flaw in terms of the company's fundamental technology; that technology is rock solid. In terms of practical application, the company is solid as well. If we look at the portfolio of Mesoblast indications, there are several disease areas. The company has immunology, oncology, orthopedics and cardiovascular, and in each one of these indications—all of which are major—you have Phase 2 and Phase 3 programs in progress. The essential question we have to ask is, "What is the real valuation for a company with a portfolio like this?" If we were talking about monoclonal antibodies, the valuation of this company would be significantly more than $10B. If we were looking at comparable pharmas, it would be even bigger.
What I'm trying to say is that the market is still not valuing stem cell programs and companies fairly. I think this is a very exciting time for proposed stem cell therapies. If you look at companies with products on the market for similar disease indications, and compare those valuations to the low valuations of stem cell companies, you can see real value here.