The Japanese will be prudent and take their time. Another ASX stem cell company CYP is having the same experience waiting for a Japanese company (in their case FujiFilm which is now in regenerative medicine) to sign for another stem cell application in GVHD. Fuji have said publicly a number of times that they are going ahead, including to the Japanese press, and still haven't officially signed (although Fuji's right expires in March so hopefully sometime before then).
Coincidently, CYP and RGS as of a few weeks ago are in the same space re treating osteo using stem cells, the Australian government providing a grant recently that will fund their 445 patient phase II trial. I'm sure both companies will be watching each other's progress closely.
All the best with AGC, these sorts of arrangements usually take longer than expected, and I'm sure they're carefully assessing the tech at present.
