Understand where you are coming from @aatisket But from my point...

Understand where you are coming from @aatisket

But from my point of view, the pediatric aGVHD program is not the program MSB should be partnering. It is a perfect program to take to market ourselves... you say its a small market, yes that is true for a large pharma (who would not pay us much upfront for this program), but to MSB it is more than enough to break-even from a cash flow perspective.

Why get US$50m in up front partnership and give away 50% of future cash flow? Is it really worth giving that up for a small amount of cash? We were never going to get US$100m+ for pediatric aGVHD. That is short term thinking.

There are other programs such as the CHF program, RA, chornic lower back pain ... these are multi-billion dollar markets... we can expect to get US$100m+ in upfront partnership payments for these. These are the ones I'd like to see partnered... as they require a massive sales/marketing force to get it into market, something MSB are unable to replicate.

Mesoblast can now focus on their clinical trials and partnering negotiations, without the constant need to tap the market for cash on a quarterly basis. Potential partners won't see us as desperately in need of cash anymore. That is a win in itself.