What will be of interest is how much the short % decreases...

What will be of interest is how much the short % decreases following this cap raise... given the upcoming trial results in early 2020 (CHF) and mid 2020 (CLBP) ... one would think that the shorts would be looking for an exit before these are announced.

This cap raise will be the last chance for the institutional shorters to get out off market before the trial results... so I tip that the % will come down significantly.

At the end of the day MSB's board have opted to ensure that the business is capitalised enough to withstand any turbulence should one or both of the phase 3 trials fail. This could be over prudence, but the board is paid to safeguard shareholders and the last thing they want is to front up to a judge and explain why they thought it was wise to risk it all on these two upcoming trials.

If the two phase 3 trials succeed, then this will be the final cap raise ... the partnerships will start to flow and we'll be multiples from here. But if the trial/s fail, the company will at least have enough cash to commercialise its aGVHD pediatric product in the US and survive to fight another day.