For somebody who always says they want to see Mesoblast start...

For somebody who always says they want to see Mesoblast start generating revenue so they can be a shareholder, you don't seem the least interested in the fact that they have found a means to fund the pediatric aGVHD program to launch in 2019?"

And I believe this latest funding means is one that potentially puts the company in a position of heightened financial risk further down the track. As debt always does.

As I have said on several occasions before, I believe the best way of funding this company is for any issuance of equity to be done in a way that does not preference only certain institutional investors, but which treats all shareholders equally, namely via fully-renounceable entitlement offers.

Yet, for some inexplicable reason, that is the one avenue the company has avoided (well, that and turning to the much-vaunted Kentgrove facility).


Yet you were suggesting they should take a partnership for their pediatric aGVHD program... so I can only assume you believe that is a great outcome for shareholders (US$50m upfront, 50% royalty)?

No, I suggested no such thing.

I indicated an opinion - wrongly , it turns out, given today's developments - that the chances of a partnership had risen, not that I believed that to be the best source of funding.