CEO talks about regenerative medecine, page-5

If the RGS/AGC Joint venture can pull a licensing deal for a phase II trial for osteoarthritis in Japan, that should be a catalyst for a re-rate. It will likely involve upfront payments, together with milestone and royalty payments. And that will be for just one application of Progenza.

RGS has a top JV manufacturing partner in AGC with immense credibility and well established relationships in Japan . The relationship is going well by all accounts and proving very fruitful by all accounts.