Ann: Presentation on Japan First Strategy at Ord Minnett, page-2

Prime Minister Abe made Regenerative Medicine a key part of its Third Arrow strategy for revitalising the economy
– Revolutionary new laws positioned Japan at the forefront for regenerative medicine products
and services (Nov ‘14)
– New accelerated pathway for industry sponsored clinical trials
• allows for conditional approval of new cell therapy after confirmation of safety and “probable
efficacy” – lower clinical bar
• 5-7 years to gain clinical data
• 70% Government reimbursement