Ann: Agreement to Develop New Heart Valve Repair Device, page-35

I am probably wrong about this:

However, my inexpert impression is that the apparently regular issuing of troves of below-market options to raise capital has led to constant profit-taking, depressing the shareprice, limiting AVR's market cap and discouraging a buy-out offer at a price that appropriately values AVR (what publicly listed company could justify to its shareholders a buy-out in the billions of a company that has a market cap of $350M?)

I am concerned that AVR will never get ahead of the capital-raise / option-issuing / profit-taking spiral, the market cap will never reach a point where a large buy-out will be justified, and AVR will simply have to market its product on its own. The problem there is that AVR does not seem to have the scale or sales infrastructure to market its own product. The spiral seems to be downwards - benefiting no-one except insiders and management option-holders. And the longer it takes, the more time AVR's competitors have to produce competitive products.

I hope someone has a more positive and informed insight into AVR's prospects.