definiens: means, as of any given date, the most recent prefer red stock financing of [COMPANY] which establishes an arms - len gth valuation for the shares of preferred stock iss ued in such financing and pursuant to which purchasers have pur chased, or have committed to purchase, preferred st ock of [COMPANY] with an aggregate purchase price of at lea st [ * * * ] . As of the date of this Agreement, the Mos t Recent Qualified Financing is the sale of Series D Convert ible Preferred Stock of [COMPANY] pursuant to that c ertain Series D Convertible Preferred Stock Purchase Agree ment, dated as of December 14, 2007 ( as amended ), b y and among [COMPANY] and the Purchasers named therein . 1.31 shall mean any nebulizer or other device that deli vers a formulation in the form of droplets to the airways, including the Device, any Competing Nebulizer and eFlow . For the avoidance of doubt, the term shall not include any device t hat delivers a formulation solely or primarily via a nasal route of administration