Ann: Trading Halt, page-109

The fact is the company has been underfunded for a long time with its ambitious research projects, firstly the immunotherapy and secondly the ADAPT and TAVR. The CEO called an end to the shareholder capital raisings too early, and tried to fill the gap with debt funding. It exposed the company to risk by funding day to day expenses with debt and when the expected improvement in revenue didn't come, the additional expense from TAVR research coupled with the collapse of the share price has probably breached the debt covenants.

You have to think the CEO genuinely expected the receipts to improve dramatically, which is why he pursued the TAVR research and gave it as the reason for the last CR. Otherwise IMO he would have cut research costs more aggressively including TAVR. Its quite possible the share price was one of the covenants that has been breached, and to that extent shareholders have contributed to the problems by dumping shares and reacting the way they have, and precipitated the trading halt.