I've been reviewing BP analyst notes from the last 5 years over...

I've been reviewing BP analyst notes from the last 5 years over the last couple of days. (see below, from Aug 2022, before FDA meeting on trial)

I suspect the DCF valuation of simply WS incorporates cash flow from CLBP, not unreasonable when you are working off p<0.001 values from its last RCT and now agreed on primary endpoint for pain reduction at 12 months, for the FDA and EU study. SurgCenter invested after these CLBP results at a much higher SP, took a Board seat and the Georges have been buying up ever since. It doesn't take much analysis to work out what he has been feeding back on internal confidence on the state of CLBP. They only got screwed on the SP on their initial purchase because of the 2nd CRL on aGVHD which prevented the revenues funding the CLBP trial, necessitating a CR. They have explicitly raised funds for that CLBP trial maybe twice now, without actually funding it.

I do not want Meso to share that CLBP US revenue with any partner, so I agree with funding it internally. Has cost a lot of dilution, thanks for FDA issues. No way SI will take on any US partner until trial results are in. Maybe a sales/marketing partner but who knows, it will be a company maker and they will need to do the sums vs their own sales/marketing team.