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For the three months ended September 30, 2015, the Company reported sales of $64,000 with gross profits totaling $41,000. The Company reported a net loss of $4.2 million, or $0.04 per share, including selling, general and administrative expenses of $4.3 million and research and development expenses of $1.8 million. For the nine months ended September 30, 2015, the Company reported sales of $143,000 with gross profits totaling $89,000. For the nine months ended September 30, 2015, the Company reported a net loss of $18.7 million, or $0.22 per share. Operating expenses were primarily associated with commercialization of the Company’s vBloc® Neurometabolic Therapy, including marketing and reimbursement activities, the cost of supporting multiple ongoing clinical trials, and the continued development of vBloc Therapy delivered through the Company’s Maestro® Rechargeable System. On September 30, 2015, the Company’s cash, cash equivalents and short-term investments totaled $12.3 million. This total does not include the securities purchase agreements the company announced on November 5 that it had entered into with four institutional investors to issue $25.0 million of Senior Amortizing Convertible Notes. The Notes will be payable in monthly installments, will accrue interest at a rate of 7.0% per annum from the date of issuance and will mature 24 months after the initial closing. $1.5 million of the Notes will be funded at the initial closing, and the balance will be funded in two tranches of $11.0 million and $12.5 million which are subject to the shareholders of the Company approving a reverse stock split of the Company’s common stock and the approval of the issuance of the securities purchased by the investors.

“The resources that our recent financing will add to the Company are critical to the ongoing success of our commercial efforts that are just beginning to build momentum,” said Greg S. Lea, Chief Financial Officer and Chief Operating Officer. “We remain focused on careful expense management as we move into 2017 and beyond. We are pleased to announce the appointment of Dan Gladney as our new Chief Executive Officer last week, and look forward to benefiting from his insights and expertise as we execute against our goals,” Mr. Lea added.

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