Vote NO Abstain NO - My Open Letter to Shareholders, page-125

That's why WARF and Cynata protected the core Cymerus technology with patents to make sure they can't.

It doesn't seem to be too difficult to derive MSCs from iPSCs as you can see several research papers discussing results using iPSC-MSCs (or sometimes called iMSCs).

Small scale for study purposes doesn't seem to be a problem, I agree.

Best example:
FujiFilm CDI is selling (and have been selling) iCell Mesenchymal Stem Cells for years, before entering the option agreement with Cynata because they can produce iPSC derived MSCs already:
"Mesenchymal stem cells (MSCs) are a vital component of tissue generation, providing the source material for terminal cell types within several tissue systems. In particular, the ability of MSCs to differentiate into bone, fat, or cartilage has shown promise in the fields of bioengineering and tissue regeneration. However, limitations including preparation and donor variability, as well as overall scalability, present challenges for utilizing MSCs in research. Thus, there is a need across the scientific community for a reliable source of highly pure, industrial quantities of MSCs.
CDI has used iPS cell technology to develop iCell^® Mesenchymal Stem Cells, multipotent stromal cells ideally suited for basic research and regenerative biology initiatives."
https://fujifilmcdi.com/products-services/icell-products/icell-mesenchymal-stem-cells/

"basic research and regenerative biology initiatives" = without the ability to achieve economic manufacturing at commercial scale!

Only Cymerus can provide that!

Hence even FujiFilm, despite owning CDI and their know-how to derive MSCs from iPSCs, was keen to make an investment in Cynata, reserving certain rights to our technology BEFORE the world-first human trial has started.

With that in mind, I don't think we have to be too worried that others can just easily "modify or change the admin route".