History of MSB's share issuance

Over the years, certain MSB supporters have been arguing that MSB is unique because its number of shares is relatively low and that regularly issuing shares to pay for day to day bills is acceptable as the pie is getting bigger. They say that they don't mind having smaller slices of the pie as long as the pie itself is growing (a BIG assumption).

In the interests of having facts to support myself, I have created this table for the benefit of all MSB followers.

This table shows the history of shares issuance by MSB since listing back in 2004.

I have highlighted the main ones in either RED or BLUE.

RED includes private placements, share purchase plans, entitlement offers, Nasdaq listing and Merger with Angioblast.
BLUE is for issuance to big pharmas, such as Cephalon/Teva, Celgene and Mallinckrodt.

These are my observations:
- Since the peak capital raising in 2013, subsequent raisings had been done at lower and lower prices
- The size of the capital raisings had been decreasing too, from the high of $170 million in 2013 to the recent ones of around $50 million
- The frequency of the major capital raisings had been increasing too, from once every few years to a few in a year.
- All participants of major raisings since 2010 are currently underwater.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	Date	Capital Raising Types	Note	No. Shares	Price	Amount raised	Total No. Shares
1	03/12/2004	Original Investors	-	51,510,000	-	-	51,510,000
2	03/12/2004	IPO	-	42,000,000	$ 0.50	$ 21,000,000	93,510,000
3	27/07/2006[/COLOR]	Private placement	To commence two Phase 2 clinical trials in the US	12,150,000	$ 1.25	$ 15,187,500	105,660,000
4	15/08/2006[/COLOR]	Share purchase plan	To commence two Phase 2 clinical trials in the US	1,732,800	$ 1.25	$ 2,166,000	107,392,800
5	28/09/2006	Exercise of options	Exercise of options	93,333	$ 0.65	$   60,666	107,486,133
6	20/12/2006	Exercise of options	Exercise of options	80,000	$ 0.60	$   48,000	107,566,133
7	20/12/2006	Exercise of options	Exercise of options	82,000	$ 0.65	$   53,300	107,648,133
8	08/06/2007	Exercise of options	Exercise of options	68,000	$ 0.65	$   44,200	107,716,133
9	10/10/2007	Exercise of options	Exercise of options	210,000	$ 0.65	$    136,500	107,926,133
10	10/10/2007	Exercise of options	Exercise of options	80,000	$ 0.60	$   48,000	108,006,133
11	10/10/2007	Exercise of options	Exercise of options	150,000	$ 1.20	$    180,000	108,156,133
12	14/12/2007	Private placement	To commence additional Phase 2 clinical trials in the US & Australia in the areas of bone and cartilage repair and regeneration	10,500,000	$ 1.28	$ 13,440,000	118,656,133
13	14/12/2007	Exercise of options	Exercise of options	200,000	$ 0.55	$    110,000	118,856,133
14	21/12/2007	Exercise of options	Exercise of options	400,000	$ 0.55	$    220,000	119,256,133
15	11/08/2008	Exercise of options	Exercise of options	200,000	$ 0.55	$    110,000	119,456,133
16	03/09/2008	Exercise of options	Exercise of options	1,100,000	$ 0.65	$    715,000	120,556,133
17	19/12/2008	Exercise of options	Exercise of options	300,000	$ 0.60	$    180,000	120,856,133
18	17/02/2009	Exercise of options	Exercise of options	20,000	$ 0.65	$   13,000	120,876,133
19	02/04/2009	Private placement	To further progress the clinical development program of the company	15,018,069	$ 0.72	$ 10,813,010	135,894,202
20	03/04/2009	Exercise of options	Exercise of options	34,000	$ 0.65	$   22,100	135,928,202
21	30/06/2009	Exercise of options	Exercise of options	166,667	$ 0.65	$    108,334	136,094,869
22	30/06/2009	Exercise of options	Exercise of options	80,000	$ 0.60	$   48,000	136,174,869
23	29/09/2009	Exercise of options	Exercise of options	2,093,332	$ 0.55	$ 1,151,333	138,268,201
24	14/10/2009	Exercise of options	Exercise of options	66,000	$ 0.65	$   42,900	138,334,201
25	14/10/2009	Exercise of options	Exercise of options	30,000	$ 1.00	$   30,000	138,364,201
26	23/11/2009	Exercise of options	Exercise of options	150,000	$ 0.65	$   97,500	138,514,201
27	17/12/2009	Exercise of options	Exercise of options	1,826,668	$ 0.55	$ 1,004,667	140,340,869
28	08/04/2010	Exercise of options	Exercise of options	76,000	$ 1.00	$   76,000	140,416,869
29	08/04/2010	Exercise of options	Exercise of options	150,000	$ 1.20	$    180,000	140,566,869
30	13/04/2010	Exercise of options	Exercise of options	13,334	$ 1.00	$   13,334	140,580,203
31	19/05/2010	Private placement	For the purposes of raising funds for the operational, clinical and commercial activities of the company	14,020,353	$ 1.70	$ 23,834,600	154,600,556
32	08/06/2010	Exercise of options	Exercise of options	100,000	$ 1.20	$    120,000	154,700,556
33	15/06/2010	Exercise of options	Exercise of options	80,000	$ 1.00	$   80,000	154,780,556
34	23/06/2010	Exercise of options	Exercise of options	100,000	$ 1.20	$    120,000	154,880,556
35	02/09/2010	Exercise of options	Exercise of options	60,000	$ 1.00	$   60,000	154,940,556
36	28/09/2010	Private placement	For the purposes of raising funds for the operational, clinical and commercial activities of the company	3,100,000	$ 1.70	$ 5,270,000	158,040,556
37	01/10/2010	Exercise of options	Exercise of options	100,000	$ 2.13	$    213,000	158,140,556
38	24/12/2010	Merger	Merger with Angioblast	90,813,950	$   -	$    -	248,954,506
39	24/12/2010[/COLOR]	Private placement	For the purposes of raising funds for the operational, clinical and commercial activities of the company	3,961,000	$ 1.70	$ 6,733,700	252,915,506
40	24/12/2010	Exercise of options	Exercise of options	256,000	$ 1.00	$    256,000	253,171,506
41	24/12/2010	Exercise of options	Exercise of options	100,000	$ 1.20	$    120,000	253,271,506
42	24/12/2010	Exercise of options	Exercise of options	90,000	$ 1.58	$    142,200	253,361,506
43	24/12/2010	Exercise of options	Exercise of options	15,000	$ 1.96	$   29,400	253,376,506
44	24/12/2010	Exercise of options	Exercise of options	400,000	$ 2.13	$    852,000	253,776,506
45	24/12/2010	Exercise of options	Exercise of options	320,000	$ 2.13	$    681,600	254,096,506
46	19/01/2011	Exercise of options	Exercise of options	160,000	$ 0.96	$    153,600	254,256,506
47	02/02/2011	Exercise of options	Exercise of options	50,000	$ 1.58	$   79,000	254,306,506
48	10/02/2011	Exercise of options	Exercise of options	60,000	$ 1.00	$   60,000	254,366,506
49	11/02/2011	Big Pharma	Issue of shares to Cephalon	24,702,056	$ 4.35	$   107,453,944	279,068,562
50	01/04/2011	Exercise of options	Exercise of options	300,000	$ 2.13	$    639,000	279,368,562
51	01/04/2011	Exercise of options	Exercise of options	15,000	$ 2.00	$   30,000	279,383,562
52	01/04/2011	Exercise of options	Exercise of options	130,000	$ 1.58	$    205,400	279,513,562
53	01/04/2011	Exercise of options	Exercise of options	220,000	$ 1.00	$    220,000	279,733,562
54	04/07/2011	Exercise of options	Exercise of options	80,000	$ 2.13	$    170,400	279,813,562
55	04/07/2011	Exercise of options	Exercise of options	60,000	$ 1.58	$   94,800	279,873,562
56	04/07/2011	Exercise of options	Exercise of options	100,000	$ 1.20	$    120,000	279,973,562
57	04/07/2011	Exercise of options	Exercise of options	256,000	$ 1.00	$    256,000	280,229,562
58	04/07/2011	Exercise of options	Exercise of options	127,956	$ 0.44	$   56,301	280,357,518
59	04/07/2011	Exercise of options	Exercise of options	67,740	$ 0.42	$   28,451	280,425,258
60	05/01/2012	Exercise of options	Exercise of options	1,863,103	$ 1.62	$ 3,024,519	282,288,361
61	02/02/2012	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	2,040,000	$ 7.99	$ 16,299,600	284,328,361
62	02/02/2012	Exercise of options	Exercise of options	150,000	$ 0.42	$   63,285	284,478,361
63	31/10/2012	Exercise of options	Exercise of options	1,659,471	$ 1.83	$ 3,041,678	286,137,832
64	31/10/2012	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	170,000	$ 8.48	$ 1,441,600	286,307,832
65	31/10/2012	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	775,000	$ 6.70	$ 5,192,500	287,082,832
66	31/10/2012	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	50,000	$ 6.69	$    334,500	287,132,832
67	29/12/2012	Exercise of options	Exercise of options	707,490	$ 2.55	$ 1,802,657	287,840,322
68	14/03/2013	Private placement	Private placements for the purpose of funding on-going operations, specifically the proposed phase 3 clinical trial using MPCs for treatment of degenerative disease of the lumbar spine, new phase 2 clinical trials to broaden the indications for intravenous delivery of MPCs in the treatment of systemic inflammatory conditions, optimisation of manufacturing processes and increased product inventory and additional capacity for staff costs and overheads	26,970,979	$ 6.30	$   169,917,168	314,811,301
69	04/04/2013	Exercise of options	Exercise of options	562,600	$ 2.54	$ 1,426,848	315,373,901
70	04/04/2013	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	50,000	$ 6.29	$    314,500	315,423,901
71	13/09/2013	Exercise of options	Exercise of options	810,000	$ 0.89	$    724,855	316,233,901
72	13/09/2013	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	235,000	$ 6.36	$ 1,494,600	316,468,901
73	13/09/2013	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	700,000	$ 5.92	$ 4,144,000	317,168,901
74	13/09/2013	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	100,000	$ 6.28	$    628,000	317,268,901
75	18/12/2013	Acquisition of assets	Purchase of the entire culture-expanded mesenchymal stem cell business of Osiris Therapeutics	2,948,729	$ 5.69	$ 16,763,524	320,217,630
76	18/12/2013	Acquisition of assets	Purchase of intellectual property assets from Provasculon	70,164	$ 5.96	$    417,897	320,287,794
77	18/12/2013	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	165,000	$ 6.70	$ 1,105,500	320,452,794
78	18/12/2013	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	200,000	$ 5.92	$ 1,184,000	320,652,794
79	12/06/2014	Exercise of options	Exercise of options	987,300	$ 2.51	$ 2,476,000	321,640,094
80	24/11/2014	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	1,225,000	$ 4.71	$ 5,769,750	322,865,094
81	24/11/2014	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	600,000	$ 4.46	$ 2,676,000	323,465,094
82	24/11/2014	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	25,000	$ 4.54	$    113,500	323,490,094
83	12/02/2015	Loan Funded Share Plan	Issue of shares pursuant the Company's Loan Funded Share Plan	150,000	$ 4.66	$    699,000	323,640,094
84	15/04/2015	Big Pharma	Issue of shares to Celgene	15,298,837	$ 3.82	$ 58,441,557	338,938,931
85	04/05/2015	Share buyback	Share buyback	-    2,985,000		$    -	335,953,931
86	26/06/2015	Exercise of options	Exercise of options	1,043,798	$ 1.48	$ 1,547,000	336,997,729
87	21/09/2015	Exercise of options	Exercise of options	422,903	$ 0.89	$    375,845	337,420,632
88	18/11/2015	Nasdaq	Nasdaq listing	42,675,295	$ 2.24	$ 95,592,661	380,095,927
89	23/02/2016	Acquisition of assets	Consideration for the license of certain intellectual property assets from a third party	1,277,210	$ 1.62	$ 2,069,080	381,373,137
90	19/08/2016	Acquisition of assets	Consideration for services in connection with the license of intellectual property relating to cell targeting technology (ex vivo fucosylation) from a third party	280,911	$ 1.12	$    313,890	381,654,048
91	06/01/2017	Big Pharma	Issue of shares to Mallinckrodt	20,044,771	$ 1.48	$ 29,588,086	401,698,819
92	31/03/2017	Private placement	Institutional placement for funding ongoing Phase 3 clinical programs including chronic heart failure, as well as for manufacturing requirements associated with product commercialisation	26,250,000	$ 2.00	$ 52,500,000	427,948,819
93	30/06/2017	Acquisition of assets	Contingent payment to Osiris in relation to the ongoing Crohn's disease program. This consideration was included in the original purchase agreement for the acquisition in 2013 of the mesenchymal stem cell business of Osiris Therapeutics	6,029,545	$ 2.18	$ 13,144,408	433,978,364
94	10/07/2017	Exercise of options	Exercise of options	272,579		$    -	434,250,943
95	18/09/2017	Entitlement Offer	Entitlement Offer	36,191,982	$ 1.40	$ 50,668,775	470,442,925
96	06/10/2017	Exercise of options	Exercise of options	158,901		$    -	470,601,826

Next, we will look at how many shares are issued to various groups and compare it with the actual dollars raised by various groups.

	Column 1	Column 2	Column 3
0	Private placement	111,970,401	23.79%
1	Merger	90,813,950	19.30%
2	Big Pharma	60,045,664	12.76%
3	Original Investors	51,510,000	10.95%
4	Nasdaq	42,675,295	9.07%
5	IPO	42,000,000	8.92%
6	Entitlement Offer	36,191,982	7.69%
7	Exercise of options	19,555,175	4.16%
8	Acquisition of assets	10,606,559	2.25%
9	Loan Funded Share Plan	6,485,000	1.38%
10	Share purchase plan	1,732,800	0.37%
11	Share buyback	-   2,985,000	-0.63%
12	Total	470,601,826	100.00%

	Column 1	Column 2	Column 3
0	Private placement	$ 297,695,977	39.14%
1	Big Pharma	$ 195,483,587	25.70%
2	Nasdaq	$   95,592,661	12.57%
3	Entitlement Offer	$   50,668,775	6.66%
4	Loan Funded Share Plan	$   41,397,050	5.44%
5	Acquisition of assets	$   32,708,799	4.30%
6	Exercise of options	$   23,962,672	3.15%
7	IPO	$   21,000,000	2.76%
8	Share purchase plan	$ 2,166,000	0.28%
9	Share buyback	$ -	0.00%
10	Original Investors	$ -	0.00%
11	Merger	$ -	0.00%
12	Total	$ 760,675,522	100.00%

As we can see from the above two tables:
- Over the years, MSB had raised approximately $760 million.
- In terms of dollars raised, the biggest contributors are institutional and sophisticated investors, Big Pharmas and Nasdaq listing participants
- Their % ownership of MSB is however much less than the proportional amount of money that they invested in MSB. For example, private placement investors put in 39.14% of total money raised and yet they now only hold 23.79% of the company.

	Column 1	Column 2	Column 3	Column 4	Column 5
0		No. Shares	No. shares issued during the year	% increase in no. shares during the year relative to beginning of year	Drop in % ownership over the years
1	31/12/2004	93,510,000	-	-	80.13%
2	31/12/2005	93,510,000	-	0.00%	80.13%
3	31/12/2006	107,648,133	14,138,133	15.12%	77.13%
4	31/12/2007	119,256,133	11,608,000	10.78%	74.66%
5	31/12/2008	120,856,133	1,600,000	1.34%	74.32%
6	31/12/2009	140,340,869	19,484,736	16.12%	70.18%
7	31/12/2010	254,096,506	113,755,637	81.06%	46.01%
8	31/12/2011	280,425,258	26,328,752	10.36%	40.41%
9	31/12/2012	287,840,322	7,415,064	2.64%	38.84%
10	31/12/2013	320,652,794	32,812,472	11.40%	31.86%
11	31/12/2014	323,490,094	2,837,300	0.88%	31.26%
12	31/12/2015	380,095,927	56,605,833	17.50%	19.23%
13	31/12/2016	381,654,048	1,558,121	0.41%	18.90%
14	31/12/2017	470,601,826	88,947,778	23.31%	0.00%

The above table shows how many shares are issued in each year and the percentage this represents relative to the number of shares in the beginning of the year.

The last column also shows the drop in % of ownership over the years.

For example:
The 93,510,000 shares on issue as of 31/12/2004, used to represent 100% ownership of MSB. Fast forward 13 years, these 93,510,000 shares now only represent 20% of MSB, a drop of 80%.

This is an indisputable proof that investing in companies that are not financially self sufficient such as MSB carries a not so obvious ownership leakage which happens every time the company raises fresh funds.

The velocity of the leakage increases as the company's share price drops, just like what has been happening to MSB in the past 2 years.

I'm pretty sure that in January/February 2018, I will have to update the above main table because as sure as the sun rises, MSB will raise money again.

The only question is how much and at what price?