"I have pointed to the revenue stream which exists as a result...

"I have pointed to the revenue stream which exists as a result of the agreement with Teva/Cephalon, where payments are issued on reaching milestones. This isn't good enough for you. what are the exact milestones and when will they be reached you say...ridiculous. This is a commercial agreement and the details are confidential."

The details are confidential.
Dead right, they are.

Which is why no one should invoke the "agreement" as the basis for a counter argument that says MSB won't need to come to the market for fresh equity capital because milestone payments will be forthcoming from Teva. Like you have tried to do.


"The amount of energy expended on being negative about MSB for a very long period must have some reward attached."

Somewhat creepily, your preoccupation with my personal situation knows no limits:

* Initially you were really suspicious because I was both a retiree who happens to have worked in the financial markets.
* Then, at one stage I had - apparently - committed the heinous act of commissioning a report about how to short biotech stocks.
* Then I had cunningly managed to delete any posts to that end without a trace.
* Then something was also amiss because I dared operate a Bloomberg terminal as a resource (As an aside, I recall another poster referring some weeks back to his/her Bloomberg terminal, without any consternation whatsoever from you.)
* Then I was a "trader" (Actually, I've been accused of being a trader on a number of occasions).
* Then a count of my "followers" was made, with the observation that one of my "followers" was, in fact, a moderator (whatever relevance that might have).
* And then it was noted that, Aha! Dolcevita had more thumbs-up than Madamswer (once again, the relevance thereof remains unknown to me)
* And now it is implied that I am a "shorter."

Apparently, I am sure to be one - or more - of these things.

But what is completely unbelievable to you is that I don't want to buy MSB because I think there is a growing risk of an equity raising over the next 12 months (*), and such a raising - given precedent - will be non-renounceable in nature and therefore I stand to be diluted if I buy stock today.

Even though avoiding dilutive equity raisings is common market thinking, such a rationale is completely impossible for me to countenance in your view.

No, according to you, it can't be that simple.

I must be conspiring to operate some or other cunning, evil caper.

For it surely can't just be about protecting my capital that motivates me. Surely I can't be thinking just like the vast majority of market participants think!

Well, what manipulative game exactly do you think I am playing in order to defraud unsuspecting investors of their MSB shares?


(*) Note: Some other event other than an equity raising might, indeed, emerge as a source of capital for MSB that obviate the need for an equity raising. If anyone has evidence-based opinion on this, I - and I'm sure all MSB followers (holders of stock or otherwise) - would benefit greatly from hearing it.