Equity Field Notes from temporal sources

[DanWebzster]

HSGX may receive FDA approval for its Knee Cartilage replacement product in 2019; but, it's not a buy until funding issues are resolved.

The present standard of care for knee cartilage trauma is a surgical procedure known as Microfracture. The Ph2 Neocart study demonstrated statistical significance at years 1 and 2.

HSGX has already entered into a commercialization agreement in Japan. This partner is initiating a Ph3 there in H2/18.

Cash runway is into Q4/18, EOY at best

If HSGX does not secure at least one more regional partnership, dilution is highly likely after Ph3 results (if positive)

VCEL is also developing a similar products. Opinions vary about how big of a threat the VCEL product is to NeoCart commercialization efforts.