Ann: MSB Clinical Program Update For MPC-150-IM In Heart Failure, page-42

It is obvious you don’t invest in R&D businesses and only invest when a business has proven itself and can generate profits.

As you well know, Mesoblast isn’t that yet.

What frustrates a lot of posters here is that you continually measure and critique Mesoblast like it is a mature business that is cash flow positive.

You are quick to point out areas where Mesoblast is not measuring up compared to how one of your blue chip investments.

But seldomly do you take the time to give credit when positive trial results are announced, in fact your repsonse is either to criticise it or to stay silent for a while.

A mature business like your 8% holding in a distributor of plumbing supplies does not need to give updates on R&D because it is a mature and successful business model that is going along smoothly.

If however a company you owned dropped a few hundred million into a R&D program, they may also like to give you an update every so often to let you know all is going to plan and would more likely than not inform you that an interim test went well.

And once again you may not agree but there are reasonable explanations out there for why the three partnerships ended or didn’t proceed.

Cephalon/Teva: Cephalon partnered the CHF program, and a large genetics pharma in Teva acquired Cephalon. After dropping $40bn to go acquire Allergan (US generics business) they cut their non-core businesses and handed back the CHF program to Mesoblast at no cost.

Celgene: this is a mystery as nothing was really disclosed on the outcome, so can only assume they didn’t agree on commercial terms. Negotiations fell over, it happens.

Mallinkrodt: you picked this one, MNK’s business and outlook took a turn for the worst right after they announced the potential partnership. Balance sheet was overgeared and looks like they just couldn’t afford it.