How does an equity raising ever add value? It dilutes the share...

How does an equity raising ever add value? It dilutes the share holding? I love MSB, but be realistic. If its a large bio-tech investor buying in on a one-off placement it may raise sentiment, but its pretty simply, if you have the denominator (i.e. more share holders) increases by more than the nominator (value of company) it hardly adds value to the company. As said it may raise sentiment, but that is just raising the perceived value of the nominator. Its simple math.

Lets hope its a placement with Softbank or something like that, which will raise sentiment.