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?
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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1 | 188 | 97.5¢ |
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Price($) | Vol. | No. |
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98.0¢ | 130478 | 34 |
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No. | Vol. | Price($) |
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24 | 188758 | 0.965 |
15 | 236212 | 0.960 |
7 | 87648 | 0.955 |
9 | 473283 | 0.950 |
Price($) | Vol. | No. |
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0.980 | 128769 | 16 |
0.985 | 84482 | 12 |
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