TAVR MARKET Superiority, page-41

The only stock that I think compares to AVR is one I've talked about here before, NVNO (I'm also invested) traded in the US, which is a smaller company that has what would be the first leg replacement valve for venous insufficiency. They completed enrollment recently on what is hopefully considered by the FDA as their pivotal trial and expect full data early-ish next year. The trial is relatively small (as the valve is not life-sustaining) and a lot rests on it being deemed truly pivotal by the FDA so that's the risk but things are looking good at this point.

Their first valve is surgically implanted but have a transcatheter valve expected to start its pivotal trial late next year. There is a competitor in the larger company Cook Medical whose valve is probably 4-5 years from an approval. NVNO is also backed by Perceptive and L1 and both re-participated in their recent offering.

NVNO currently trades at a market cap of $93 million AUD so AVR has a cap that's a good bit higher (fully diluted AVR's cap is twice NVNO's fully diluted cap). They expect to sell their leg valves for around $30,000 AUD (compared to potentially $60,000 for the DurAVR at commercialization) but should have a larger potential patient pool.

Anyway, my point is that our market cap seems reasonable and is higher than NVNO's and has held up well even though we'd all love for it to be higher. Obviously these aren't the best market conditions so I think a $344 million valuation shows Anteris' strength. And I'm hoping to make a ton of money on both companies.