EnteroMedics Inc (NASDAQ:ETRM) has confirmed it will hold a special conference call on November 30, 2016, to shed more light on the achievements made so far on the commercialization strategy. The company also plans to provide a corporate update ahead of the much-awaited special meeting of shareholders slated for December 12, 2016.
vBloc Commercialization Push
In a media briefing to shareholders, the company says it has already made substantial achievements on the commercialization strategy and as a result has been able to ensure vBloc therapy is widely available to patients.
“The publication of long-term data reinforcing the effectiveness and safety of vBloc Therapy, as well as changes in our leadership, are helping to pave the way towards fully unlocking the potential of this important and unique therapy for patients battling obesity,” said CEO, Dan Gladney.
VBloc Therapy is currently available to all veterans at Department of Veterans Medical facilities providing the company a reliable and unique source of revenue over the next five years. EnteroMedics is currently in the process of pursuing a European Patent for the vBloc system that should go a long way in bolstering its intellectual property portfolio.
VBloc is approved as a novel weight loss treatment for people above the age of 18.
Financial Results
EnteroMedics reported sales of $296,076 for the three months ending September 30, 2016, translating to a gross profit of $150,129. Selling general and Administrative expenses came in at $3.4 million. For the nine months ending September 30, 2016, the company says it generated sales of $644, 760 leading to a gross profit of $302, 690. Net loss for the third quarter stood at $6.5 million and $18.9 million for the nine months ending September.
During the third quarter, EnteroMedics made a number of key appointments including the appointment of the current CEO as the chair of the board. The company also appointed Gary Blackford into the board of directors.
EnteroMedics Inc(NASDAQ:ETRM) stock was down by more than 20% in Wednesday trading session finishing the day at lows of $0. 0700 a share. The stock is currently down by 97% for the year.
