There is a bug in the ASIO SDK that causes the Macintosh version to often fail during initialization. Here is a patch that you can apply.

In codefragments.cpp replace getFrontProcessDirectory function with 
the following one (GetFrontProcess replaced by GetCurrentProcess)


bool CodeFragments::getFrontProcessDirectory(void *specs)
{
	FSSpec *fss = (FSSpec *)specs;
	ProcessInfoRec pif;
	ProcessSerialNumber psn;

	memset(&psn,0,(long)sizeof(ProcessSerialNumber));
	//  if(GetFrontProcess(&psn) == noErr)  // wrong !!!
	if(GetCurrentProcess(&psn) == noErr)  // correct !!!
	{
		pif.processName = 0;
		pif.processAppSpec = fss;
		pif.processInfoLength = sizeof(ProcessInfoRec);
		if(GetProcessInformation(&psn, &pif) == noErr)
				return true;
	}
	return false;
}