Iceman, I do have some empathy for your perspective regarding...

Iceman, I do have some empathy for your perspective regarding what many, including me, would consider the underperformance of the AVR shares.
That the Biotechs have been under pressure is of course a rubbish argument. There are many here and overseas (Nasdaq) that have done very well over the YTD.
By contrast AVR is down 16% from the high earlier in the year, despite what we are told are the best results ever and way better than the competition for our product.
Certainly the botched capital raising IMO has not helped sentiment or those watching in the wings.

The conundrum lies with regard to our closest competitors, who could buy us with their loose change, and their apparent lack of interest in doing so.
Lack of interest is however not confined to making, or not making a bid. They are without doubt across the data, they would fully aware our product is better than theirs.
But why make a bid, why start a war right now.
Why not wait for AVR to do the work, let them make the near certainty an even safer bet. I suspect they dont care if they have to pay more, if the risk is lower....they are showing considerable patience.

AVR can only do what it is doing, continue the work, show off the product and data to the world and attract more investors when needed....and yes I'm afraid it requires patience....at at times more money.
The lack of Australian Institutional support is to me very irritating and makes me more than a little annoyed why AVR cant get through to them. L1 is very astute and we are lucky to have them, Regal are a punter who have struck gold as I am sure they are aware. They aren't always sticky but I think they will see this one out.....but where are all the others....
AVR cant go any faster, but the more they achieve, logically the more valuable the company should become and the more the final bidder will have to pay, even though frustratingly, as you quite rightly suggest, that has not been the case this year.