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Serial capital raiser Mesoblast is back in front of fund managers seeking another equity top up.This time it is asking for $100 million to help develop its COVID-19 angle, which involves using one of its stem cell products to treat patients with acute respiratory distress syndrome caused by the coronavirus.Silviu Itescu, the chief executive of Mesoblast, is pitching for capital on Monday. Luis AscuiMesoblast announced plans to test the product in March, kicked off an early stage trial in April with some "promising results in ventilator-dependent COVID-19 patients", and has since upped the testing regime.On May 6, the company said it had started a 300-patient randomised placebo-controlled "Phase 2/3" trial in the United States, which would include up to 30 sites across North America.To help fund it, and on the back of a share price rally, Mesoblast is seeking to issue new shares worth $100 million.RELATED QUOTESMSBMesoblast Limited$3.440.001 year1 day2.14 at 30/9/19Jun 19Sep 19Dec 19Mar 201.002.003.004.00Updated: May 11, 2020 – 3.08pm. Data is 20 mins delayed.View MSB related articles AdvertisementMesoblast's house broker, Bell Potter Securities, was offering clients 31.2 million new shares at $3.20 each on Monday.The raising was priced at $3.20 a share which was a 7 per cent discount to the last close and an 8.8 per cent discount to the 10 day VWAP, according to terms sent to fund managers.Bell Potter was calling for bids by midday on Tuesday. Funds raised would be used to further development of the COVID-19 treatment including manufacturing scale up, the term sheet said.The deal was undewritten, ensuring Mesoblast gets its $100 million equity injection.It's the latest in a long line of capital raisings by Mesoblast. Its most recent share issue was in October last year when it picked up $75 million at $2 a share, well before it was thinking about a COVID-19 response.Before that, it stitched up a $US50 million funding round with NovaQuest Capital Management in July 2018, and a $US75 million four year credit facility with Hercules Capital also in 2018.In 2017, it raised $50.7 million via a one-for-12 entitlement offer and $US40 million in an institutional placement. Back in 2013, it was a $170 million placement at $6.44 a share, also via Bell Potter's equities desk.Mesoblast had a $1.85 billion market capitalisation prior to Monday's raising. The company reported $US19.2 million revenue and a $US30.1 million loss after tax in the six months to December 31.