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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vycor Medical Inc (QB) | USOTC:VYCO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0899 | 0.061 | 0.0899 | 0.00 | 13:30:25 |
Delaware
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333-149782
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20-3369218
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(State of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No. | Description | |
99.1 | Vycor Medical, Inc. Press Release dated November 13, 2015. |
VYCOR MEDICAL, INC.
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Dated: November 13, 2015
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By:
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/s/ Peter Zachariou | |
Peter Zachariou
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Chief Executive Officer
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● | Novavision’s VRT has hitherto been, in effect, a prototype with a delivery and service model too costly to be affordable and scalable. NovaVision’s development strategy has been to reduce the cost of therapy delivery and make it more efficient and therefore scalable, migrating therapy delivery from provided-hardware to Internet-delivered onto patients' computers; and to broaden patient benefits by adding its new NeuroEyeCoach compensation therapy to complement the VRT restoration therapy in a suite. | |
● | Since the launch of the company’s new Internet-delivered therapy suite in the U.S. in late June, NovaVision has achieved a reduced in price to patients by 65%, from $2,500 for a six-month course of VRT alone to $900 for VRT and NeuroEyeCoach together. Given the price reduction, the company anticipated an initial decrease in revenues as volumes ramp up due to the new affordable and scalable therapy suite. In fact, new U.S. patient starts increased by 100% in the third quarter versus the second quarter while revenues decreased by only 15% in the U.S. in the third quarter versus the second quarter. | |
● | In August, NovaVision launched a new website, www.novavision.com, as the core of a lead-driven inbound and outbound marketing strategy. Since the launch, US lead volume has increased more than 20% month-over-month with the Company achieving an approximate 15% conversion of leads into patients. | |
● | NovaVision has four key marketing strategy channels, and initiated with the direct-to-patient strategy. Campaigns for the other three key channels – stroke groups and associations, physicians and stroke rehabilitation centers and clinics – have commenced during the fourth quarter. | |
● | NovaVision’s therapy suite and portal are in the final stages of preparation before their European launch in the current quarter, and has started marketing to and taking on patients from its offices in the UK and Germany. |
● |
A new study was published in the prestigious Japanese Journal of Neurosurgery in September, bringing the total number of studies published to six in 2015. The study emphasizes the usefulness of VBAS in combination with Karl Storz’s VITOM® telescope, an exoscope visualization device, for biopsy or removal of deep-seated tumors, including thalamic gliomas and malignant lymphomas.
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● |
VBAS has continued to gain traction through product approvals in 8 new U.S. hospitals during the quarter. VBAS is approved in 210 U.S. hospitals to-date.
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Three months ended
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Nine months ended
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September 30,
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September 30,
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2015
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2014
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2015
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2014
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|||||||||||||
Revenue
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||||||||||||||||
Vycor Medical
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$ | 182,889 | $ | 243,841 | $ | 662,996 | $ | 710,743 | ||||||||
NovaVision
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59,974 | 90,498 | 194,437 | 280,258 | ||||||||||||
Total Revenue
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$ | 242,863 | $ | 334,339 | $ | 857,433 | $ | 991,001 | ||||||||
Gross Profit
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Vycor Medical
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$ | 167,187 | $ | 207,827 | $ | 579,980 | $ | 618,952 | ||||||||
NovaVision
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49,421 | 79,172 | 165,523 | 246,069 | ||||||||||||
Total Gross Profit
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$ | 216,608 | $ | 286,999 | $ | 745,503 | $ | 865,021 |
For the three months ended
September 30,
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For the nine months ended
September 30,
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|||||||||||||||
2015
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2014
|
2015
|
2014
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|||||||||||||
Revenue
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$ | 242,863 | $ | 334,339 | $ | 857,432 | $ | 991,001 | ||||||||
Cost of Goods Sold
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26,255 | 47,340 | 111,930 | 125,980 | ||||||||||||
Gross Profit
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216,608 | 286,999 | 745,502 | 865,021 | ||||||||||||
Operating expenses:
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Research and development
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29,346 | 6,933 | 68,244 | 59,684 | ||||||||||||
Depreciation and Amortization
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91,778 | 93,860 | 261,134 | 286,955 | ||||||||||||
General and administrative
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604,655 | 623,993 | 1,991,726 | 2,652,393 | ||||||||||||
Total Operating expenses
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725,779 | 724,786 | 2,321,104 | 2,999,032 | ||||||||||||
Operating loss
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(509,171 | ) | (437,787 | ) | (1,575,602 | ) | (2,134,011 | ) | ||||||||
Other Income (Expense)
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Interest expense – Related Party
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- | (13,706 | ) | - | (80,093 | ) | ||||||||||
Interest expense - Other
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(11,934 | ) | (11,169 | ) | (35,616 | ) | (38,844 | ) | ||||||||
Gain (loss) on foreign currency exchange
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14,315 | (62,273 | ) | (59,813 | ) | (68,390 | ) | |||||||||
Change in fair value derivative liability
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- | 8,332 | 19,792 | (261,661 | ) | |||||||||||
Loss on extinguishment of debt
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- | (682,039 | ) | - | (682,039 | ) | ||||||||||
Loss on extension of warrants
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- | (146,488 | ) | - | (146,488 | ) | ||||||||||
Total Other expense
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2,381 | (907,343 | ) | (75,637 | ) | (1,277,515 | ) | |||||||||
Loss before Provision for Income Taxes
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$ | (506,790 | ) | $ | (1,345,130 | ) | $ | (1,651,239 | ) | $ | (3,411,526 | ) | ||||
Provision for Income Taxes
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Net Loss
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$ | (506,790 | ) | $ | (1,345,130 | ) | $ | (1,651,239 | ) | $ | (3,411,526 | ) | ||||
Preferred Dividends
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(85,331 | ) | - | (167,777 | ) | - | ||||||||||
Net Loss available to common shareholders
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$ | (592,121 | ) | $ | (1,345,130 | ) | $ | (1,819,016 | ) | $ | (3,411,526 | ) | ||||
Comprehensive Loss | ||||||||||||||||
Foreign Currency Translation Adjustment
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16,356 | 67,268 | (64,222 | ) | 73,695 | |||||||||||
Net Comprehensive Loss
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$ | (575,765 | ) | $ | (1,277,862 | ) | $ | (1,883,238 | ) | $ | (3,337,831 | ) | ||||
Loss Per Share
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Basic and diluted
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$ | (0.05 | ) | $ | (0.12 | ) | $ | (0.17 | ) | $ | (0.33 | ) | ||||
Weighted Average Number of Shares Outstanding
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10,849,903 | 10,735,884 | 10,821,019 | 10,106,903 |
Three months ended September 30,
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Nine months ended September 30,
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2015
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2014
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2015
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2014
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|||||||||||||
GAAP Operating Expenses
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$ | 725,779 | $ | 724,786 | $ | 2,321,104 | $ | 2,999,032 | ||||||||
Non-cash amortization of acquired intangible assets
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(58,617 | ) | (58,617 | ) | (175,851 | ) | (175,851 | ) | ||||||||
Non-cash stock-based compensation
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(76,146 | ) | (59,323 | ) | (214,607 | ) | (319,050 | ) | ||||||||
Offering Costs
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- | - | - | (581,702 | ) | |||||||||||
Total Non-GAAP Operating Expense Adjustments
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(134,763 | ) | (117,940 | ) | (390,458 | ) | (1,076,603 | ) | ||||||||
Non-GAAP Operating Expenses
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$ | 591,016 | $ | 606,846 | $ | 1,930,646 | $ | 1,922,429 | ||||||||
GAAP Operating Loss
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$ | (509,171 | ) | $ | (437,787 | ) | $ | (1,575,602 | ) | $ | (2,134,011 | ) | ||||
Non-GAAP Operating Expense Adjustments, as above
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134,763 | 117,940 | 390,458 | 1,076,603 | ||||||||||||
Non-GAAP Operating Loss
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$ | (374,408 | ) | $ | (319,847 | ) | $ | (1,185,144 | ) | $ | (1,057,408 | ) | ||||
GAAP Net Loss
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$ | (506,790 | ) | $ | (1,345,130 | ) | $ | (1,651,239 | ) | $ | (3,411,526 | ) | ||||
Non-GAAP Operating Expense Adjustments, as above
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134,763 | 117,940 | 390,459 | 1,076,603 | ||||||||||||
Change in value of derivative liability
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- | (8,332 | ) | (19,792 | ) | 261,661 | ||||||||||
Gain (loss) on foreign currency exchange
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(14,315 | ) | 62,272 | 59,813 | 68,390 | |||||||||||
Loss on extinguishment of debt
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- | 682,039 | - | 682,039 | ||||||||||||
Loss on extension of warrants
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- | 146,488 | - | 146,488 | ||||||||||||
Non-GAAP Net Loss
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$ | (386,342 | ) | $ | (344,723 | ) | $ | (1,220,759 | ) | $ | (1,176,345 | ) | ||||
Non-GAAP Loss Per Share
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Basic and diluted
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$ | (0.04 | ) | $ | (0.03 | ) | $ | (0.11 | ) | $ | (0.12 | ) | ||||
Weighted Average Number of Shares Outstanding
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10,849,903 | 10,735,884 | 10,821,019 | 10,106,903 | ||||||||||||
Non-GAAP Operating Loss Before Depreciation And Amortization
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$ | (341,247 | ) | $ | (284,603 | ) | $ | (1,099,861 | ) | $ | (946,303 | ) |
1 Year Vycor Medical (QB) Chart |
1 Month Vycor Medical (QB) Chart |
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