Ann: Cynata Extends FUJIFILM Licence Option in GvHD, page-114

"they are obviously standing their ground"

Not obviously.

There are details we don't have but based on what we do have, to me, the contrary is more obvious - they have given something - an extra 6 months option on the worldwide GvHD licence for no money. That is not standing ground but giving ground.

Can't you see that smarty13?

It might be possible (however unsatisfactory) for Cynata to explore phase 2 clinical trials for GvHD in Japan WITHOUT Fujifilm and then potentially fund those trials via a cash raise. But such an approach would only be viable if shareholders (or those asked to stump up cash) have confidence in the management team.

If the management team is just following Fujifilm along to meetings with the Japanese authorities whose approval would be required for phase 2 GvHD then of course they will be wrong-footed and at a disadvantage should Fujifilm play hardball in negotiations compared to if they were making those approaches themselves independently. But of course independent approaches by Australian's to the Japanese without Japanese support is going to be more expensive and time consuming.