Mesoblast Limited, a publicly listed company in Australia, obtained an exclusive, worldwide license to develop the platform MPC technology for orthopedic applications from the Hanson Institute in Australia where the technology was first developed.

Angioblast acquired a similar license for all other applications of MPC technology. Upon raising capital in December 2004 through a public offering on the Australian stock market, Mesoblast acquired an approximate 33% interest in Angioblast in view of Angioblast's extensive potential commercialization rights with respect to the MPC technology.

Under a cost-sharing agreement among the parties, Mesoblast and Angioblast share costs associated with various development efforts related to the shared MPC platform technology, including the GMP process development and certain preclinical and clinical costs.

This arrangement allows Angioblast the benefits of MPC development while at the same time reducing the financial burden associated with that development.