@smarty13, good question. Also as Pfeifer pointed out does the...

@smarty13, good question. Also as Pfeifer pointed out does the extended option include just GVHD or also include first right of refusal. The announcement i think only refers to GVHD.
CLI we can and should fund ourselves, i assume they don't have an option if we decide to progress things ourselves...we're well cashed, mgmt already said we'd be pushing this ourselves and we have been. Of course if a partner comes along on good terms then great.
OA we don't need any partner as already govt funded.
But would like to see a few others including asthma progress to phase 2 with partners (and yes Smarty would like to know what right Fuji have here and time frame of that right).

I feel like all of us (perhaps even mgmt) started to believe Fuji is our friend. Fuji is smart, strategic and ruthless, they don't care one bit about mgmt and CYP shareholders. Note we also want to screw them for the highest price we can get. They're probably pissed about Cellularity (even if it didn't progress), pissed that we can fund at least one phase 2 ourselves, pissed that the govt is funding a huge phase 2 and that there are likely more to come with the $150m just established by the Vic govt to be granted in this space. I don't think it was part of their plan, they don't care about a few million the Australian govt is throwing in here or there nor do they care about validity gained by peer-reviewed Australian grants. Now (and they know this) although we want them we don't need them. They also know the weaker the share price, the stronger their negotiating position...not just in any future T/O but also the value of any milestone payments. This guys are either a bit incompetent and slow or they're playing hard, i think more of latter. We just need to keep on our path and demonstrate (irrespective of the impact on share price) how little Fuji matters to the business, and then up to Fuji if they want to take up the option for GVHD or compete for any other applications...should not matter too much down the track with CLI (4 times the size of GVHD) and OA (20+ times the size of GVHD) progress.