Sass, page-59

I see you've hit the ire of the apologists just from asking a question.

I can't explain why we don't have another Chairman following Paul Rennie's numerous promises that an appointment will happen in short time, even back to Q3 last year. All I can say is this promise is alike many, many promises that just don't seem to come to fruition and the responsibility of the Chair is to focus on the strategy and steer the executive. And this alone, is a reason he shouldn't be chair.

To this end I have absolutely no idea why Dr Donna Skerrett has a place on the board. With Paul, she is the second executive on the board. On the first two trials with her in the seat we have a MPS trial that has recruited a TOTAL OF THREE patients out of a planned 10, and the 008 trial is suspended with poor recruitment and one trial centre. She comes with a legacy of EIGHT FAILED P3 trials in the past decade, all failures at Mesoblast, and a history of torching SH capital. Rampers of MSB would argue their biologics have efficacy, and whilst I have the opinion it doesn't - what is universally agreed upon is trial design in all MSB trials were a total mess and led to confounding, and the ire of the FDA. In fact, I'd wager that her representation of PAR to FDA meetings is a liability rather than an asset. Absolutely she can have a board seat to pander to her ego with runs on the board, but she has no track record for strategic direction leading to SH value creation - quite the opposite.

Anyway, just a primer for what's to come over the next few weeks.