@JonesingPanda (it wouldn’t let me post and tag, I hope you’re...

@JonesingPanda (it wouldn’t let me post and tag, I hope you’re well!)

I sold but bought on elsewhere so have still ridden the roller coaster! MSB has certainly ridden the COVID waves both higher and lower than most though. And the FDA decision regarding GVHD is very disappointing, I assumed it was a foregone conclusion but that might have been the ecoool-aid!

A lot has happened since I sold out. I have been watching and was hoping to see one of the major phase three trials meet its primary outcome and would have happily jumped back in and paid a premium for the decrease in capital risk. Back then we all expected the trials to be somewhat binary for MSB - either they met expectations and FDA approval was assured or they didn’t and the company was worthless. It’s been interesting to see that both trials have actually raised more questions than answers either because of the product, as a result of the underlying trial design / statistical analysis or both. So the uncertainly continues and the timeline to approval is once again pushed out.

I could see myself getting back in if/when the FDA approve GVHD and one of the major indications has a positive readout in a confirmatory trial. I’d be happy to pay a premium (likely ~10x the current SP) to own a piece of a great Australian company if that happens, but until then there’s a little too much uncertainty to satisfy my risk appetite. But if it does happen current holders will richly rewarded and I wish you all the best.