Proavctive half year write up, page-9

Thanks Xerxer, interesting to listen to. I like what John said about Progenza being an inflammatory "platform" i.e. not just a medicine for osteoarthritis, but potentially multiple inflammatory conditions, the licensing of which is being advanced already in Japan with companies other than AGC. RGS is realistically looking at multiple revenue streams from this one technology. The phase 1 trial will be be reporting in May, and Regeneus Japan is gearing up for a phase 2 trial, which from which conditional approval may result. It is going to be an interesting couple of year. I though the re-rate might have happened soon after the AGC deal was announced. A positive STEP trial result will make this stock compelling...imho.