AVR - Anteris Technologies

[Purple XS2]

Anteris, to no-one's surprise, have taken the opportunity of the recent SP rise, to raise more capital, via a share issue to Perceptive Advisors (or from wherever you get your ASX announcements).

1,840,000 shares, for $28 mill AUD (a neat $20 mill USD). Unit price of $15 AUD. Previous close befreo a trading halt was $18.60.
After trading resumed today, closed at $19.00.
Not quite 16% of the company shares on issue.

So, another substantial slice of the pie siphoned off to a favoured investor. Meanwhile there's a whole buch of convertible notes due this year.
As I understand it, those notes can be converted to shares on payment of a price based on a discount of current price. Some 5.5 mill + notes/shares involved.

So there's quite a bit of capital that's flowing in. Question is: what will be the future consequences?
Anteris has floated the idea of a NASDAQ listing, not to mention patnership/merger/takeover prospects, and there's also FDA trials to put together for the heart-value components-and-procedure package.

Will it all come together for Anteris' long suffering holders ? (OK, we haven't been suffering over the last couple of months, but hey, it's been a long dark tea-time of the soul to get this far).

And will 2022 be the year?

Exciting times.

Regards,
P

 

[Purple XS2]

Anteris has been pretty steady for the last couple of months: last close at $17.03, having just a couple days earlier briefly touched $19.00.

That brief mini-peak may have been attributable to an interview with the popular media stock analyst, Alan Kohler in his Eureka Report : - requires a subscription , or a 15 day trial.

Not a lot that was particularly new, but CEO Wayne Paterson seems to be more upbeat than his usual effusive self.


Meanwhile, back in reality, next month (May 22nd) sees the maturation of 1.6 million convertible notes, being equivalent to more than 10% of existing stock on issue - 13.5 million shares - and there's a much bigger tranche of convertible notes maturing in August 2022 - 3.8 million.

So while this will add to the bottom line, they'll be converted at a discount, which I would presume will be a damper on much of a rise in the next few months, unless something interesting happens on the clinical reporting front, or even in the partnership / acquisition / NASDAQ listing fronts.
Which could happen out of the blue at any time, or not at all. Take your pick. As for me,I'm in no financial position to add to my teeny stake,

but if I was .. hmmm ....

Regards, P

 

[Purple XS2]

Welcome to 2023 (belatedly) and welcome to another Anteris Trading Halt for a Capital Raise .
No details released as yet. Trading resumes on announcement due Monday 6th.
So what have missed: more of the same promising, steady progress, a few more patients treated with the on-trial heart valve, a few more hopes rising and falling,
Been on the improve last month or so: from about $22.00 up till today's halt at $26.00.
Highest point of the last 12 months was $30, briefly last June (2022).
For personal factors, I've liquidated my holdings some time back, and will be a middle of the year before I'm liquid again.

A bit of FOMO creeping in. Will I miss the sizzle and fizz, or will count my lucky stars that I wasn't in a buying position around now?

Discl: not holding.

Regards,
P

 

[Purple XS2]

If you like company presentations: CEO Wayne Paterson, 2023 AGM
CEO very upbeat, which is his job. Patent and Clinical benchmarks achieved, patient pool and aged results expanding, slowly.

Future looks rosy, but I get that Enrico Fermi feeling: "Where is everyone?"

Until one day, some day ... suddenly ... we find ourselves saying "Oh, there they are."

Anteris last 12 months. Last close, $23.61

Discl: not holding (in fact, not holding anything) at present.
I expect that to change in the coming weeks.

 

[galumay]

CEO Wayne Paterson should be upbeat given how much shareholder's capital has ended up in his pockets over the years!

Definitely high on my list of blacklisted company CEO's & Directors, crooks, frauds, serial bad allocators of capital, dishonest, promotional, they all up in there to check against businesses I may be researching.

 

[Purple XS2]

Anteris last 3 months. Closed 2023-06-11 at $19.42

So it's been more of not much, with a downward trend.
Last time it hit a brief high of $30 was middle of last year - 2022.
There's been a trickle of good outcomes from small patient groups, the most substantive trial so far in Georgia (the country, not the US state).
Check your preferred Announcements source for FIH (First-in-human) Results presented at Euro PCR 2023-05-22.

And a succession of cheery promotions from our CEO.
As usual, the elephant in the woodpile is when the company raises more capital, and with what dilutive effect?
Having been out of it for a while, I took up a modest stake today, just to keep my hand in, in case there's a sweetener for current holders, if nothing else.

Regards,
P

 

[Purple XS2]

Anteris has announced its 1/2 yearly results, for first half 2023.
In a nutshell, and I quote:
• Net loss after tax was $30.2m (2022: $22.1m). This increased loss was primarily due to
significant R&D expansion including recruitment of additional personnel in preparation for
the Early Feasibility Study in the United States.
• The closing cash position at 30 June 2023 was $20.3m with net working capital of $16.8m

Surely it can't be long until the next large capital raise?
Share Price has been jumpy: Friday 25th August close at $20.50, up from under $19 lows a week or so ago.

Promising progress as surgical post-op data dribbles in, from what so far is still a small data-set. But commercialization still seems a long way (and many more cap-raises) away.

Discl: holding a small parcel. I'll see how things look after they find a funding path forward for 2024.

Regards,
P

 

[Purple XS2]

For those of you with an account with Alan Kohler's Eureka Report, there's a recent interview with Anteris CEO Wayne Paterson.
It all sounds so very rosy, but operating cash is as always, a difficult issue overhanging the Share Price.

Regards,
P

 

[galumay]

Crooked Wayne Paterson buttering up shareholders for another CR to pay his exorbitant salary for achieving SFA?! Did Kohler ask the hard questions about the endless destruction of shareholder value? No, I didn't think so.

 

[Purple XS2]

Anteris on a lumbering drift downwards, no big hurry. Last 3 months:

Today released an investor update . Lots of happy guff, but nothing strikingly new, except perhaps few more patients treated here and there.

Enough it seems to give the SP a little pick up, closing at $18.75.
In accordance with my unerring ability to pick the low, I released a few this morning into the open, so of course it went higher (sigh).
But for the future? It would take something no outsider could predict, to re-rate this company, such as a partnership, takeover, that sort of thing.
There's a small pond of potential suitors, and none of the, so far as I can see have a compelling need to act, at least not yet.

In the absence of such a event, and there's no reason to think it'll happen anytime soon, the downward drift looks likely to resume for the next few months, or longer.
Or not.

Regards,
P

 

[Purple XS2]

My unerring ability to pick the low has deserted me: a week or so ago I sold most, and after that it went lower!
Anteris has been belted last few days.

Closed at $16.40, which is a small improvement on intra-day low of $15.58, but still equal lowest end-of-day close for the past 18 months.
Since briefly touching $30 mid 2022, it's been drifting ... drifting ... down.

Possibly something to with the fact that 500,000 options were recently converted by a major holder, at $15 conversion.

And thus far at least that holder has declared an increase of 330,000 shares.
So I suppose they flogged off a few? Or perhaps off-loaded to another party?
Either way, it may have created an impression in the market that shares would be sold at profit for SP above $15

Buying opportunity? Hmmmm: I'll just sit here with my popcorn bucket, for the time being.

P.

 

[Purple XS2]

In the last month or so, Anteris has quietly gained some weight: from a bit above $17 to last close of $23.48.
Clinical results continue to trickle in, and continue to be encouraging, the most recent being March 12:
DurAVR™ First-In-Human Study and US Early Feasibility Study (update)

Cash on hand continues to be the burning question: Anteris announced $30 mill cash as of end 2023.
That's not going to get us much further in 2024, though this quarter just ended there's been some conversion of options to add a few bucks.

When will the next Capital Raising be and at what cost-per-share? Will the reception of clinical results be so positive as to generate a Capital raising at a minimal discount of the existing SP?
And does the recent rise, in the face of these headwinds, indicate a news better than the $ numbers would at face value imply?

Discl: I hold a small parcel, thinking about buying in bigger ... hmmmmm

Regards,
P

 

[Purple XS2]

To re-quote myself from March 2022:

Anteris, to no-one's surprise, have taken the opportunity of the recent SP rise, to raise more capita

Today Anteris announced a cap-raise of 1,000,000 share issue to sophisticats and existing major holders (ASX website link, or from where-ever you get your announcements)

It's a recurrent thing. Raising $23 mil won't last long, so unless there's some blockbuster development between now and about September(?) we can expect another one or two.

But a cap-raise at last-closing price: $23.00 per share, is encouraging. Dilution without discount ( that counts as good news, relatively speaking).
So happens a few dollars turned up in my piggy-bank today (from other matters) so I thought I might buy a few (more).

Whether I'm a sucker or savant ...?
Today's close up a little, to $23.25

Regards,
P

 

[galumay]

Its decent of you to help fund Wayne's overblown salary package, @Purple XS2

 

[Purple XS2]

So much for the theory that $23 April Cap-Raise foreshadowed favourable developments: the sophisticated and institutional investors who bought in at that price are probably feeling rather less sophisticated now:

( I was never sophisticated, so my status unchanged )
AVR shares have been sold relentlessly since, and meanwhile the company chews up $ prodigiously such that it needs 25-30 million every quarter, so another Cap-Raise this month (July) at, if you don't mind: $16.
And to no great surprise, that wasn't any kind of floor either:

Last close $15.65

I imagine there'll be another CR in about 3 months, and probably at a similar mark-down from the present: $10 - $11 would be a guess.
For how long the CEO and the board keep this up? "Indefinitely" says the last couple of years.

Stuff it, I'm out.
I'll keep my eye on it, but the company hasn't made any effort to communicate a plausible timeline for meeting regulatory benchmarks on the road to commercialisation: I can only conclude there is no timeline, and that the medical device industry will continue to ignore Anteris' product while they develop their own R&D pipelines.

Onward and upward, elsewhere!

 

[Knobby22]

So much for the theory that $23 April Cap-Raise foreshadowed favourable developments: the sophisticated and institutional investors who bought in at that price are probably feeling rather less sophisticated now:

( I was never sophisticated, so my status unchanged )
AVR shares have been sold relentlessly since, and meanwhile the company chews up $ prodigiously such that it needs 25-30 million every quarter, so another Cap-Raise this month (July) at, if you don't mind: $16.
And to no great surprise, that wasn't any kind of floor either:

Last close $15.65

I imagine there'll be another CR in about 3 months, and probably at a similar mark-down from the present: $10 - $11 would be a guess.
For how long the CEO and the board keep this up? "Indefinitely" says the last couple of years.

Stuff it, I'm out.
I'll keep my eye on it, but the company hasn't made any effort to communicate a plausible timeline for meeting regulatory benchmarks on the road to commercialisation: I can only conclude there is no timeline, and that the medical device industry will continue to ignore Anteris' product while they develop their own R&D pipelines.

Onward and upward, elsewhere!

Probably worth keeping one eye on it, but yes it hard to get too enthused at this stage. If they had an interested partner then I would also become interested.

 

[Purple XS2]

What happens when the company management decides :stuff it with the ASX, let's go to 'Murica:
Plan to Pursue Re-domiciliation, Nasdaq listing and US IPO

An accelerating sell-off.
One would expect a collapse like this for a biotech on bad results, but no: this is entirely from either a mismanaged restructure proposal, or some shady goings on with some large holders selling down for strategic reasons, or both.
Closed Friday Sept 6th at $9.99, intra-day low of $9.30.

There have been substantial cap-raises in recent months: one at $23.00 ,
another more recently when that price collapsed, at $16.00.

I am unable to imagine a frame of reference whereby recent sophisticated buy-in shareholders would not be feeling pretty ripped off.
But who knows? I'm not a sophisticated recent buy-in shareholder.
Maybe they're all delighted that everything is going according to plan?

As for me, I am in fact out.

Goodbye and good riddance.