Ann: Cynata Extends FUJIFILM Licence Option in GvHD, page-93

A few possibilities:
1. Fuji (despite their recent disclosures and Cynata's wording) are not interested in CYP or in the proposed GVHD trials for whatever reason.
2. Fuji and CYP genuinely need more time negotiating details (for example manufacturing).
3. Fuji are smarter, more strategic and ruthless than we could even imagine and they know this places them in a stronger negotiating position.

I picked 2 or 3 and bought more this morning.

Cynata now needs to show we are not dependent on Fuji (which we are not)
- keep moving ahead with CLI phase 2
- and with OA phase 2
- initiate new larger additional phase 2 trials (from the $150m Vic govt funding recently allocating to this space and new partners).

The other applications we are moving forward on are much bigger than Fuji's right to GVHD...I do think they want us more than we need them, and mgmt needs to make the second part clear.