I think the product has merit, although the slow take up is of...

I think the product has merit, although the slow take up is of concern.
Not sure if slow adoption (weak sales) is due to inertia or because of self interest ie better economics for surgeons with the status quo? Perhaps it is due to poor sales execution - hard to know?
The debt of $15m is problematic especially if there are covenants around market cap etc.
The board appear to have been a bit slow to act if the CEO was not up to the task which seems to be the case.
I agree with the suggestion that would be a decent acquisition for current players eg Allergan who have a sales force in place...unfortunately still a lot of moving parts, Cap raise almost seems inevitable, especially if the Company wants to be in a position to control its own destiny. They should get it done sooner rather than later.