Video, page-24

My issue with the stock at present (and why I have sold down to a small amount) is that if the trial/FDA approval takes another two/three years, they might need to raise nearly as much money as the current market cap over that period.

That will put constant downward pressure on the SP while diluting my shares by 50%. And despite their incredible product, why invest now when I can invest down the line when they've finished raising significant sums of money every three months?

I had been hoping for a takeover by Edwards or other, but I'm sure there is some sense in those companies just standing back and letting AVR play out over the next few years and seeing where the share price ends up.

As much as Wayne has experience in big pharma and large trials (which is great), I sometimes wonder if he thinks there are any limits to pre-revenue companies, as we've had more staff each quarter for the last three years.

In saying all that, the product is so good I expect it to get there in the end somehow.

Good luck all.