Ann: Adherium Directors purchase shares on-market, page-7

Perhaps, but they spend about $15m every year (and post a net loss of about $10m every year).   If they get into the position of needing a cap raise it would probably be precisely the wrong time to do it.

Also, as background, I was told this by Arik Andersen about 9 months ago:  "With over $20M in the bank, we are focusing on execution of our strategy as I described on the conference call. In the future, the Board may consider an additional capital raise to further accelerate our growth in the US and European markets, and our focus will continue to be maximizing our enterprise value by having the best active user base in the adherence space."