Ann: Anteris to Present at Cantor Healthcare Conference, page-36

I see sweetening deals with options or/and discounts to raise big money as the price of doing business for clinical-stage companies that need large influxes of cash. Anteris is no different than hundreds of other drug and device companies, and pre-revenue companies in general, all over the world in the same predicament. The alternative is doing an at the market raise, which is not feasible given the current liquidity and amount of cash needed.

Wayne needs big chunks of money so he needs investors with deep pockets, thus the last raise being led by Perceptive ($15B AUM) and L1 ($5B AUM) and with Affinity Asset Advisors ($430 AUM) playing a smaller part. Big money is needed, that's the reality of the situation and with a product that's still maybe 4 1/2 years from commercialization with likely more than $150M needed to get there after potential options exercises and DurAVR trial reimbursements the simple truth is that Anteris, like multitudes of cash-hungry clinical-stage device and drug companies, tends to lack leverage when looking for money. I thought Wayne did a pretty good job last time selling shares at essentially the market price with $29 options.

The great part is that if we get to commercialization with 30 million fully paid shares or a bit less, which I think is likely, the upside can still be huge. Sell 25,000 DurAVRs at $60k AUD each and we are a $15 billion company.