Tuesday, September 27, 2016

Oculus Innovative Sciences Launches Lasercyn™ into U.S. Dermatology Market for Use Following Laser Procedures, Microdermabrasions and Chemical Peels

Source:  Oculus Innovative Sciences, Inc.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), a specialty pharmaceutical company that develops and markets solutions for the treatment of dermatological conditions and advanced tissue care, today announced the commercial launch into the U.S. dermatology market of the company’s newest dermatology product, Lasercyn™. Under the supervision of a healthcare professional, Lasercyn is intended for the management of post-non-ablative laser therapy procedures, post-microdermabrasion therapy and following superficial chemical peels. Lasercyn may also be used to relieve itch and pain from minor skin irritations, lacerations, abrasions and minor burns.

Dr. Michael Gold, board-certified dermatologist and cosmetic surgeon, and founder of Gold Skin Care Center, Advanced Aesthetics Medical Spa, The Laser & Rejuvenation Center, and Tennessee Clinical Research Center, all located in Nashville, Tennessee, commented, “Lasercyn is a promising new tool for all aesthetic dermatologists who are looking to better manage post-laser itch and pain associated with laser skin resurfacing, while promoting enhanced healing and protection against secondary infections. In our clinical testing of Lasercyn to date, we have seen dramatically improved outcomes with quicker healing times and less patient discomfort when Lasercyn is added to the post-procedure management protocol.”

For more information visit IntraDerm Pharmaceuticals at www.intraderm.com or phone 1-855-317-1107.

About Laser Skin Resurfacing
According to the Clinical, Cosmetic and Investigational Dermatology Journal, medical and aesthetic skin procedures have seen a steady surge within the last decade, and a higher demand for skin rejuvenation practices. In 2013 in the United States, dermatologic surgeons performed over 9.5 million treatments, an almost 22% increase from the previous year, with a rising number of treatments involving skin resurfacing in the areas of laser/light/energy-based procedures (2.25 million), chemical peels (1.1 million), and microdermabrasion (974,000).

Laser skin resurfacing, also known as a laser peel, laser vaporization and lasabrasion, can reduce facial wrinkles, scars and blemishes. Newer laser technologies provide surgeons with a new level of control in laser surfacing, permitting extreme precision, especially in delicate areas.  The laser beam used in laser resurfacing will remove outer layer of skin, called the epidermis. It simultaneously heats the underlying skin, called the dermis. This action works to stimulate growth of new collagen fibers. As the treated area heals, the new skin that forms is smoother and firmer.  Common side effects include redness of the skin, swelling of the treated area, itch, pain and moderate irritation similar to the feeling produced by a mild sunburn.

About IntraDerm Pharmaceuticals
A division of Oculus Innovative Sciences, IntraDerm Pharmaceuticals is a global dermatology enterprise with an initial focus on Microcyn® Technology and LipoGrid® technologies.  The division’s headquarters are in Petaluma, California with the international sales operations in the Netherlands, and manufacturing operations in the United States and Latin America.  More information can be found at www.intraderm.com.

About Oculus Innovative Sciences, Inc.
Oculus Innovative Sciences is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.oculusis.com.

Oculus Innovative Sciences Receives U.S. FDA Approval for New Post-Dermal-Procedures Product for Removal of Foreign Material Including Microorganisms

Source:  Oculus Innovative Sciences, Inc.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), a specialty pharmaceutical company that develops and markets solutions for the treatment of dermatological conditions and advanced tissue care, today announced it has received a new 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the company’s new post-dermal-procedures product.

Under the supervision of a healthcare professional, the product is intended for the removal of foreign material including microogranisms and debris from post­dermal procedures.

“Within my practice I utilize the Microcyn Technology (hypochlorous acid or HOCl) post-procedure and have been most impressed with its ability to accelerate the healing process, manage post-procedure symptoms and protect against secondary infections. I find these HOCl products to be safer, non-cytotoxic and a more effective alternative to povidone-iodine and chlorhexidine. Now, with this approval from the FDA, I believe my peers will benefit from adding Microcyn-based products to their treatment protocols,” said Dr. Michael Gold, board-certified dermatologist and cosmetic surgeon, and founder of Gold Skin Care Center, Advanced Aesthetics Medical Spa, the Laser & Rejuvenation Center and Tennessee Clinical Research Center, all located in Nashville, Tennessee.

Oculus’ dermatology division, IntraDerm, will begin marketing the post­dermal-procedures product in the United States beginning in March 2017.

About IntraDerm Pharmaceuticals
A division of Oculus Innovative Sciences, IntraDerm Pharmaceuticals is a global dermatology enterprise with an initial focus on Microcyn® Technology and LipoGrid® Technologies.  The division’s headquarters are in Petaluma, California with the international sales operations in the Netherlands, and manufacturing operations in the United States and Latin America.  More information can be found at www.intraderm.com.
About Oculus Innovative Sciences, Inc.
Oculus Innovative Sciences is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.oculusis.com.

Oculus Innovative Sciences Receives Australian Approvals to Market Sterile Microcyn®-Based Antimicrobial Solutions and Hydrogel Dressings

Source:  Oculus Innovative Sciences, Inc.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care, today announced that the company’s Microcyn®-based antimicrobial wound solution and wound hydrogel dressing have received Class IIb medical device registrations from the Australian Government Department of Health as well as Class IIb registrations from the New Zealand Medicines and Medical Devices Safety Authority.

The registrations, similar in substance, provide for the Microdacyn60® wound care products to be used in the debridement and moistening of chronic wounds, ulcers, cuts, abrasions and burns including those located in any human cavity such as the oral, nasal and ear.  By reducing the microbial load via a local antimicrobial effect, these products assist in creating a moist environment, enabling the body to perform in its own healing process.

“Australia and New Zealand are two of the more challenging countries in terms of securing medical device registration,” said Bruce Thornton, Oculus VP for international marketing/sales.  “They set the bar high relative to validating both product safety and efficacy.  For that reason, we recognize these registrations as continued substantiation of the Microcyn Technology’s unparalleled performance in the treatment of wounds, rashes and skin infections.  With these two new registrations in hand, the Microcyn Technology is now approved in over 45 countries worldwide.”

For the next four months, the Microdacyn60 products will be in pre-marketing mode with various sampling programs deployed for healthcare professionals in both countries.  The planned commercial launch is scheduled for January 2017 with the Microcyn-based products being distributed exclusively by Oculus’ Australian/New Zealand partner, Te Arai Biofarma Limited.

About Oculus Innovative Sciences, Inc.
Oculus Innovative Sciences is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.oculusis.com.

Oculus Innovative Sciences Reports Financial Results for First Quarter of Fiscal Year 2017

Source:  Oculus Innovative Sciences, Inc.

  • Product Revenue Up 20% Driven by Growth in U.S. Dermatology
     
  • Dermatology Prescriptions Up 37%, June Quarter over March 2016 Quarter

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care, today announced financial results for the first quarter of fiscal year 2017, ended June 30, 2016.

Total revenue was $3.8 million for the first quarter when compared to $3.7 million for the same period in 2015.  Product revenues of $3.5 million were up 20% when compared to the same period last year, driven by strong growth in dermatology and animal health sales, partly offset by a decrease in revenue for Latin America due to a 19% decline in the value of the peso, when compared to the same period last year, and a strong 2016 first quarter sales in Latin America.

“We have established a strong foundation in dermatology with over 20 sales people, a product portfolio of seven products, over 44,000 prescriptions filled since late 2014,” said Oculus CEO Jim Schutz, “and we had our best dermatology quarter to date with 11,700 prescriptions filled, up 37% over the previous quarter ending March 31, 2016. With this foundation in place, we are focused on balancing continued strong revenue growth and the control of expenses to maximize our cash as we strive towards breakeven.”

Product revenues in the United States for the quarter ended June 30, 2016, of $1.4 million, increased by $586,000, or 74%, when compared to the same period in the prior year. This increase was the result of higher sales of the company’s dermatology and animal health products. Oculus currently has a strong dermatology product portfolio of seven products for:  the treatment of atopic dermatitis, scar management, surgical procedures, an oral anti-infective for severe acne and, most recently, Ceramax, which utilizes a “state of the art” skin repair technology. In fact, the prescriptions filled for Ceramax during the June quarter, launched at the end of March, were 1,083, representing the company’s quickest sales ramp, compared to the other six product launches. In addition, sales to a new animal health care partner increased during the quarter compared to last year.

Product revenue in Europe and the rest of the world for the quarter ended June 30, 2016, of $1.0 million, increased by $467,000, or 82%, as compared to the same period in the prior year, with increases in Europe, Asia, the Middle East and India. The revenue in Europe for the quarter ended June 30, 2016, increased 56% in U.S. dollars, when compared to the same period last year.

Product revenue in Latin America for the quarter ended June 30, 2016, was $1.1 million, down $460,000 or 30%, when compared to the same period in the prior year. This decrease was caused by a 19% decline in the value of the peso from the same period in the prior year, along with a strong quarter, ended June 30, 2015.  The first quarter of fiscal year 2016 included the continued stocking by the new Latin American partner, Sanfer, in order to fill its expansive pharmacy store network.

For the three months ended June 30, 2016 and 2015, product licensing fees and royalty revenues were $75,000 and $447,000, respectively.  The decrease is primarily related to the lower amortization of upfront payments from the company’s partner, Sanfer, in Latin America.  This amortization relating to Sanfer ends in September 30, 2017.

Oculus reported gross profit of $1.9 million, or 50% of revenue, during the three months ended June 30, 2016, compared to a gross profit of $1.9 million, or 51% of revenue when compared to the same period in the prior year. The gross profit percentage was down compared to last year due to the reduction in higher-margin license fees and royalty revenue of $372,000, related to Oculus’ agreement with Sanfer.

Total operating expenses of $4.5 million for the three months ended June 30, 2016, increased by $306,000, or 7%, as compared to the same period in the prior year. Operating expenses minus non-cash expenses during the first quarter of fiscal year 2017 were $4.1 million, up $431,000, as compared to the same period in the prior year.  The increase in operating expenses, minus non-cash expenses, was due to mostly higher sales and marketing expenses in the United States related to the costs of Oculus’ direct sales force in dermatology.

Net loss for the quarter ended June 30, 2016, was $2.6 million, an increase of $228,000, as compared to net loss of $2.3 million for the same period in the prior year.

As of June 30, 2016, Oculus had unrestricted cash and cash equivalents of $5 million, as compared with $7.5 million as of March 31, 2016. The company has no debt outstanding.

About Oculus Innovative Sciences, Inc.
Oculus Innovative Sciences is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.oculusis.com.

Oculus Innovative Sciences Announces Record Monthly and Quarterly Prescription Data





Source:  Oculus Innovative Sciences, Inc.


May 2016: Highest Monthly Prescriptions Filled in Oculus’ History
Quarter Ended March 31, 2016: Highest Quarterly Number of Prescriptions
  • 34% over prior December quarter
  • 25% average “quarter over quarter” growth in number of prescriptions for last four quarters 
    Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, OCLSW), a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care, today announced record monthly and quarterly prescriptions filled in the company’s dermatology products.
    The average “quarter over quarter” growth of Oculus’ number of prescriptions was 25% for the last four quarters ended March 31, 2016.  More specifically, the number of prescriptions filled of all dermatology products were 3,767 for the March 2015 quarter, 5,666 for the June 2015 quarter, 7,162 for September 2015 quarter, 6,736 for December 2015 quarter and 8,624 for the March 2016 quarter.   
    For the month of May 2016, the number of prescriptions was 3,917, or 36% above the average monthly rate of 2,874 for the March 2016 quarter. The number of prescriptions filled for April 2016 and May 2016 collectively totaled 7,304, compared to 8,624 for the total March 2016 quarter. Part of the May increase is attributed to higher prescriptions filled for Ceramax, a state-of-the-art skin repair product that was launched in April 2016.

    “U.S. dermatology growth has continued to be strong in the first quarter of our new fiscal year," said Bob Miller, Oculus CFO. "Our dermatology sales and marketing team has done a stellar job in growing this business from zero with a limited budget beginning in the fall of 2014.  Following the old adage, the key to our business success is the people and the team at Oculus. Our progress further validates the wisdom of placing our primary corporate focus on growing the U.S. dermatology markets with our own experienced sales force.  We anticipate our best dermatology prescription quarter ending June 30, 2016.  As we continue to execute on our four-pronged growth strategy to launch one new product per quarter, grow existing products, add new sales people in new territories and increase prices gradually, we believe this strong sales ramp will continue.”

    Oculus announced a new strategic direction for the company two years ago, focused on launching products into the U.S. dermatology market with the company’s own direct sales force. This initiative is led by dermatology veterans and boasts a seasoned direct sales force—totaling more than 20 professionals—that market a strong portfolio of seven effective, branded and innovative products.

    About Oculus Innovative Sciences, Inc.
    Oculus Innovative Sciences is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.oculusis.com
     

Oculus Innovative Sciences Announces Reverse Split of Common Stock


Source:  Oculus Innovative Sciences, Inc.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care, announced today that a 1-for-5 reverse split of its common stock will be effective after the close of business on Friday, June 24, 2016. The reverse stock split was previously approved by the company’s stockholders at the company’s special meeting held on June 29, 2015. The company’s board of directors approved the implementation of a reverse stock split and determined the appropriate reverse stock split to be a ratio of 1-for-5 on June 2, 2016.  The reverse split was not the result of any NASDAQ actions. 

“Two years ago, we set out to change the strategic direction of our company with a new board of directors, new management team and new strategic direction focusing on the U.S. dermatology market with our own direct sales force. Since then, we've shown measurable progress resulting in growth in U.S. revenue of 123% for the last twelve months," said Jim Schutz, Oculus CEO. "Now that we've demonstrated that our restructuring plan is bearing fruit with strong sales of our seven prescription products and fast revenue growth, our next steps are to change the name of the company in the upcoming months to more accurately reflect our focus on dermatology, and second, to proactively execute a reverse split to position our stock price to be attractive to larger investors, closer to the $5 per share investment grade target.  We believe that the combination of a higher stock price and the continued success of our dermatology strategy with quarterly new product launches and a growing sales force of over 20 will be attractive to a new level of investors and help propel Oculus forward."

At the effective time of the reverse stock split, every five shares of Oculus’ issued and outstanding common stock will be automatically converted into one newly issued and outstanding share of common stock, without any change in the par value per share.  All fractional shares will be paid an amount equal to the product obtained by multiplying (a) the closing price per share of the common stock as reported on the NASDAQ Capital Market as of the date of the effective date, by (b) the fraction of one share owned by stockholder.

The reverse stock split will reduce the number of shares of Oculus’ common stock outstanding from 21 million to approximately 4.2 million.  The number of authorized shares of the company’s common stock will also be proportionally reduced from 60 million to 12 million. Proportional adjustments will be made to Oculus’ stock options, warrants and equity-compensation plans.  The reverse stock split will have no effect on the company’s authorized shares of preferred stock.

The company’s common stock will continue to trade on The NASDAQ Capital Market under the symbol “OCLS” until such time a corporate name change is implemented. A new CUSIP number will be assigned to Oculus’ common stock after the reverse stock split becomes effective.

The reverse stock split is intended to increase the per share trading price of the company’s ordinary shares to both satisfy the $1.00 minimum bid price requirement on The NASDAQ Capital Market and to encourage the trading of Oculus shares by institutional funds that typically pass on stocks that are priced less than $5.00 per share.

Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to the reflect the 1-for-5 reverse stock split.  Existing stockholders holding common stock certificates will receive a letter of transmittal from the company’s transfer agent, Computershare, Inc. with specific instructions regarding the exchange of shares.

About Oculus Innovative Sciences, Inc.
Oculus Innovative Sciences is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.oculusis.com

CV Sciences, Inc. Issues Letter to Shareholders

Source:  CV Sciences, Inc.

CV Sciences, Inc. (OTCBB: CVSI) (the "Company", "CV Sciences", "our" or "we"), issued a letter today to its shareholders discussing recent events and highlights.
Highlights of the letter include discussion of the following recent accomplishments:
  • Acquisition of CanX Inc. and focus on the development and commercialization of innovative medicines.
  • Multi-billion market opportunity presented by initial drug candidate (CVSI-007), a proprietary chewing gum that combines synthetic CBD and nicotine to effectively treat smokeless tobacco addiction.
  • Review of drug development program and timeline of achievements and upcoming milestones.
  • Update of the Company's CBD Consumer Division, which has grown from 120 retail locations to now over 700 locations.
  • Macro factors that continue to drive the market for natural CBD and hemp products.
  • Review of corporate priorities in the Company's pharmaceutical and consumer product divisions and how to effectively maximize the value of its operating assets for the benefit of shareholders.
To read the Letter to Shareholders in full, please visit: http://cvsciences.com/wp-content/uploads/2016/09/CV-Sciences-CEO-Letter.Sep14.2016.pdf

About CV Sciences, Inc.CV Sciences, Inc. (OTCBB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.

CV Sciences, Inc. Reports Second Quarter 2016 Financial Results

Source:  CV Sciences, Inc.


Continues Strong Performance From Consumer Products Division With Reported Sales of $2.5 Million for Q2 2016; Company Initiates Preclinical Drug Development Program to Address $5.3 Billion Market Opportunity in Cessation of Smokeless Tobacco

 CV Sciences, Inc. (OTCBB: CVSI) (the "Company", "CV Sciences", "our" or "we") announced today its financial results for the second quarter and six months ended June 30, 2016.
Second Quarter 2016 - Business Highlights
  • Drug Development Program. Following the CanX Acquisition in December 2015, CV Sciences commenced its preclinical drug development program during the second quarter of 2016. The Company's drug development efforts include pursuing synthetic-based Cannabidiol ("CBD") drug candidates in areas that have potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.
  • Natural Products Sales Channel Expands. The Company expanded its education program and marketing efforts in partnership with broker relationships and physician educators to increase this sales channel, addressing the $35 billion U.S. Natural Products industry. As of June 30, 2016, the Company continued its expansion in the Natural Products sales channel with placement into 705 stores.
  • Company Rebranding Continues. In June 2016, CV Sciences announced that Financial Industry Regulatory Authority ("FINRA") had approved a change in the trading symbol for the Company's common stock to "CVSI." The Company's common stock formerly traded under the symbol "CANV."
"During the second quarter, we continued to generate strong performance from our consumer products division, as the distribution of our branded consumer products increased to 705 retail locations as of June 30, 2016, compared to the 120 retail locations a year ago," said Michael Mona, Jr., chairman and CEO of CV Sciences. "We have seen a strong market acceptance and an increase in demand for our consumer products with sales of $2.5 million during the three months ended June 30, 2016, up from sales of $2.4 million for the same period last year. Given our established position as a market leader in CBD consumer products, we have pivoted our corporate strategy to include the development and commercialization of innovative medicines. During the second quarter of 2016, we initiated our preclinical drug development program following the acquisition of CanX, Inc. ("CanX Acquisition") in December 2015. The remainder of 2016 will be focused on laying the groundwork for our development of novel therapeutics, utilizing synthetic CBD as the active pharmaceutical ingredient aimed at significant improvements in patient treatment for unmet medical needs. We have assembled a strong and experienced team to advance our clinical efforts and look forward to providing updates to our investors on the progress made in our drug development program. We remain focused on delivering innovative solutions to health care issues while creating value for our shareholders."

Operating Results for the Three Months Ended June 30, 2016
The Company's net loss for the three months ended June 30, 2016 was $2,226,902 or ($0.04) per share (basic and diluted), compared to net loss of $2,003,068 or ($0.06) per share (basic and diluted) for the three months ended June 30, 2015. There were significant non-cash transactions that caused the year-over-year difference which are explained in the Non-GAAP Financial Measures below. Revenues for the second quarter of 2016 increased as a result of the company's expansion in sales and distribution channels for its CBD consumer product category.

Selling, general and administrative ("SG&A") expenses for the three months ended June 30, 2016 was $3,385,726 compared to $2,850,053 for the same period in 2015. Stock-based compensation, which is a non-cash expense, was $670,682 and $857,846 for the three months ended June 30, 2016 and 2015, respectively. SG&A expenses also include $263,040 and $254,818 of depreciation and amortization expense for the three months ended June 30, 2016 and 2015, respectively. After adjusting for non-cash stock-based compensation and depreciation and amortization for the three months ended June 30, 2016 and 2015, SG&A costs increased by $714,615 in the second quarter of 2016 compared to the second quarter of 2015. This increase resulted from $122,809 of expense related to the Company's specialty pharmaceutical segment, which began operations during the second quarter of 2016 and increased headcount, legal, commissions, marketing and employee benefits expenses.

Research and development ("R&D") expense for the three months ended June 30, 2016 and 2015 were $341,547 and $433,544, respectively. The decrease in the second quarter of 2016 compared to 2015 relates primarily to the Company's transitioning R&D activities into production of inventory products. R&D expenses during the three months ended June 30, 2016 and 2015 includes stock-based compensation, a non-cash expense, of $0 and $8,846, respectively.
Financial highlights for the three and six months ended June 30, 2016 are presented below:
For the three months ended June 30, For the six months ended June 30,
Financial Highlights 2016 2015 2016 2015
GAAP Measures:
Product sales, net $2,487,756 $2,413,886 $4,910,434 $5,127,938
Net loss ($2,226,902 )($2,003,068 )($3,760,019 )($4,651,858 )
Net loss per share - basic and diluted ($0.04 )($0.06 )($0.07 )($0.13 )
Non-GAAP Measures (unaudited):
EBITDA ($1,799,906 )($1,765,572 )($2,741,953 )($4,201,679 )
Adjusted EBITDA ($1,129,224 )($898,880 )($1,491,120 )($1,578,993 )
A reconciliation and explanation of GAAP measures to non-GAAP measures is provided later in this release.
Balance Sheet and Liquidity Highlights
As of June 30, 2016, the Company had cash of approximately $1.4 million. The Company has sufficient cash reserves and access to capital to meet its working capital requirements. Stockholders' equity amounted to approximately $21.8 million as of June 30, 2016.

Non-GAAP Financial Measures
The Company reports EBITDA and Adjusted EBITDA to present information about its operating performance and financial position. The Company currently focuses on EBITDA and Adjusted EBITDA to evaluate its business relationships and resulting operating performance. EBITDA and Adjusted EBITDA are defined as net income (loss) plus interest expense, income tax expense, depreciation and amortization, further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. The Company presents Adjusted EBITDA because it considers that an important measure of its performance and it is a meaningful financial metric in assessing operating performance from period-to-period by excluding certain items that management believes are not representative of its core business, such as certain non-cash items and other adjustments. The Company believes that EBITDA and Adjusted EBITDA, viewed in addition to, and not in lieu of, its reported results in accordance with accounting principles generally accepted in the United States ("GAAP"), provides useful information to investors regarding its performance for the following reasons:
  • because non-cash equity grants made to employees and non-employees at a certain price and point in time do not necessarily reflect how the business is performing at any particular time, therefore stock-based compensation expense is not a key measure of our operating performance; and
  • revenues and expenses associated with acquisitions, dispositions, equity issuance and related offering costs can vary from period to period and transaction to transaction and are not considered a key measure of operating performance.
The reconciliation from net loss to EBITDA and Adjusted EBITDA, both non-GAAP measures, are presented below:
For the three months ended June 30, For the six months ended June 30,
2016 2015 2016 2015
Net loss $(2,226,902 )$(2,003,068 )$(3,760,019 )$(4,651,858 )
Interest income (5 )(33,446 )(27,658 )(70,488 )
Interest expense 163,961 16,124 519,309 16,124
Amortization of purchased intangible assets 214,350 205,500 428,700 411,000
Depreciation of property & equipment 48,690 49,318 97,715 93,543
EBITDA (1,799,906 )(1,765,572 )(2,741,953 )(4,201,679 )
EBITDA Adjustments:
Stock-based compensation expense (1) 670,682 866,692 1,250,833 2,622,686
Total EBITDA Adjustments 670,682 866,692 1,250,833 2,622,686
Adjusted EBITDA $(1,129,224 )$(898,880 )$(1,491,120 )$(1,578,993 )
(1)Represents stock-based compensation expense related to stock options and stock grants awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.
EBITDA and Adjusted EBITDA are non-GAAP measures and do not purport to be an alternative to net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. The terms EBITDA and Adjusted EBITDA are not defined under GAAP, and EBITDA and Adjusted EBITDA are not measures of net income (loss), operating income (loss) or any other performance measure derived in accordance with GAAP.
EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
  • EBITDA and Adjusted EBITDA do not reflect all cash expenditures, future requirements for capital expenditures or contractual requirements;
  • EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and
  • EBITDA and Adjusted EBITDA can differ significantly from company to company depending on strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, the level of capital investment, thus, limiting their usefulness as comparative measures.
EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company for investment in its business. The Company compensates for these limitations by relying primarily on GAAP results and using EBITDA and Adjusted EBITDA as supplemental information.

For further discussion of the Company's financial results for the three and six months ended June 30, 2016, please refer to the Company's consolidated financial statements and related Management Discussion and Analysis, which can be found at www.cvsciences.com or EDGAR at www.sec.gov/edgar/searchedgar/webusers.htm in the Company's Quarterly Report on Form 10-Q as filed with the U.S. Securities and Exchange Commission on August 12, 2016.

About CV Sciences, Inc.
CV Sciences, Inc. (OTCBB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.

CV Sciences, Inc. Introduces Purified Liquids™ - Premium Hemp-Derived Cannabidiol (CBD) Vape E-Liquids

Source:  CV Sciences, Inc.


Offering Unmatched Quality and Potency, Raising the Caliber of CBD Vape Blends 

CV Sciences, Inc. (OTCBB: CVSI), is pleased to announce the latest addition to its consumer products division, Purified Liquids™, which offers the highest quality, premium CBD vape e-liquids available on the market today. The launch of this brand targets the booming vape industry, which is expected to reach US$32.11 billion worldwide by 2021, according to Research and Markets Assessment of the World Vape Market.

"Over the last 2 years, we observed the vape industry blossom into the powerhouse that it is today," stated Michael J. Mona, III, co-founder and chief operating officer at CV Sciences. "As the leader in hemp-derived CBD oil, our commitment to excellence and over one year of development by our in-house research team, has resulted in a product line of consistently pure, safe, and solvent-free CBD vape e-liquids for this important market."

Made from 99.9% CBD from hemp-derived crystals and containing 0% THC, each Purified Liquids™ product provides at least 360mg of hemp-derived CBD per 30mL bottle, offering 12mg of CBD per mL.

Purified Liquids™ is proud to introduce the first two delicious CBD vape flavors:
  • Inertia: Guava Honeydew with tangy, fruit-forward, and tropical notes
  • Isotope: Watermelon Chill with a refreshing, sweet, clean taste and hints of spearmint
The bottles containing Purified Liquids™ were specially designed to block UV light, protecting the CBD vape liquids against oxidation and separation, leaving a great tasting product every time.
Using a proprietary process in CV Sciences' state-of-the-art GMP laboratory, Purified Liquids'™ solvent-free solutions are unique from other CBD vape products. CBD crystals are derived from 100% agricultural hemp as opposed to synthetic chemicals or compounds. Each product is thoroughly lab tested to ensure the absence of harmful chemicals, heavy metals, solvents, or pesticides. Third party certificates of analysis are available upon request.

Purified Liquids™ are available for sale online and for wholesale distribution.

ABOUT CV SCIENCES: CV Sciences, Inc. (OTCBB: CVSI), formerly CannaVest Corp., located in Las Vegas, Nevada, focuses on drug development activities on products containing cannabidiol (CBD) as the active pharmaceutical ingredient, and is engaged in the development, marketing and sale of end consumer products containing CBD, which is refined into its PlusCBD Oil™ and Purified Liquids™ brands. Learn more about Purified Liquids™ at PurifiedLiquids.com.

Thursday, September 15, 2016

Nevada Energy Metals Announces Randy Avon to Join Advisory Board

Source:  Nevada Energy Metals

Nevada Energy Metals Inc. "the Company" (TSX-V: BFF; OTCQB: SSMLF; Frankfurt: A2AFBV) -  Rick Wilson, president and CEO is pleased to announce that Randy Avon has joined the Company's Advisory Board. Randy will bring his expertise and vast skillset to assist in the sourcing of new lithium projects in Latin America. Mr. Avon has a proven track record of locating rare business opportunities, negotiating projects as well as joint ventures/option agreements.

About Randy Avon:  
Randy is CEO and Managing Director of Asian Pacific Development Corp "Asian Pacific" (APDC), a multinational business development and investment banking company. Asian Pacific, with its global partner network, has completed over 18 billion dollars in global infrastructure projects in 22 nations during the past 3 decades. These projects are mostly public/private partnerships that utilize debt, equity, and cooperative funding. He is also the former CEO of Corporate & Financial Consultants (CFC), Florida Fixed Income Corp, the Ft. Lauderdale Kunshan China as well as the Aruba World Trade Centers and Gateway International Trading Partners LLC. He has served on the board of directors for multiple multi-national companies.

Mr. Avon is a former member of the Florida Legislature, formerly President and CEO of four World Trade Centers and Corporate and Financial Consultants (CFC). CFC completed over $8 Billion of infrastructure projects with E.F.Hutton and Prudential Bache prior to forming APDC.  Randy Avon was also a former Florida Legislator, State President of the Florida Jaycees, Charter President of the Florida JCI Senate, and was named one of Florida's Five Outstanding Young Men. He has served as a Presidential Advisor, was the Chairman of the Florida/Colombia Alliance, and was honored by the U.S. State Department with the James McKeithan Award for International achievements in the private sector. He chaired the Organization of American States (OAS) meeting in the United States in 2005 and has been a U.S. delegate to the past four Summits of the Americas.
Mr. Avon's background is deeply rooted in community involvement, civic, and citizen diplomacy achievements.

He served as a distinguished member of the Florida Legislature and was the previous Chairman of the Florida/Colombia Alliance. He has been listed in Marquis' Who's Who in American Politics, Community Leaders of America, Outstanding Young Men of America, Marquis' Who's Who in Finance and Industry, and was named as a recipient of the 2007 Global Leaders Award. He was named one of south Florida's "100 Most Powerful International Leaders" by South Florida CEO Magazine.    

About Nevada Energy Metals: http://nevadaenergymetals.com/
Nevada Energy Metals Inc. is a well funded, Canadian based, exploration company who's primary listing is on the TSX Venture Exchange. The Company's main exploration focus is directed at lithium brine targets located in the mining friendly state of Nevada. The Company has ownership of 77 claims in Clayton Valley, only 250m from Rockwood Lithium, the only brine based lithium producer in North America (70% optioned-out to American Lithium Corp (TSX-V: Li).  Nevada Energy Metals has also acquired: 100 claims (Teels Marsh West) covering 2000 acres (809 hectares) at Teels Marsh, Mineral County, Nevada, a prospective lithium exploration project, 100% owned without any royalties; the San Emidio Desert lithium project, consisting of 155 claims (approximately 3,100 acres/1255 hectares) in Washoe County, Nevada; the Alkali Lake Project in Esmeralda county, is a 60% earn in option agreement from Dajin Resources Corp (TSX-V: DJI), where near surface lithium values have been confirmed; the Dixie Valley Project consisting of 911 claims covering 73.6 square kilometers/28.4 square miles (7,363 hectares/18,194 acres) of salt marsh playa. 

Nevada Energy Metals Announces Tim Fernback to the Board of Directors as Chief Operating Officer (COO)

Source:  Nevada Energy Metals

Nevada Energy Metals Inc. "the Company" (TSX-V: BFF; OTCQB: SSMLF; Frankfurt: A2AFBV) Rick Wilson, President and CEO, is pleased to announce that effective immediately, Tim Fernback has joined the Company to serve as Chief Operating Officer (COO) for Nevada Energy Metals. Mr. Fernback possesses over twenty years of experience in financing and managing public and private small-cap companies throughout North America. Previously he has held multiple senior executive positions, including oversight of the Investment Banking and Corporate Finance Divisions at Wolverton Securities, formerly Western Canada's oldest brokerage firm. He was also responsible for the consulting practice at Discovery Capital Corporation, a prominent British Columbia venture capital firm that specializes in financing and consulting.

At Wolverton Securities, Mr. Fernback was responsible for due diligence reviews on corporate clients and investment banking business development relationships for over 6 years. He planned and opened 3 regional offices in western Canada and reviewed and analyzed over 300 corporate clients for funding within the financial services industry raising over $750M.  Responsible for over 50 IPOs and over 100 Reverse-Mergers on the TMX and Nasdaq, Mr. Fernback represented Wolverton nationally on various stock exchange committees and industry groups, including the Corporate Finance Advisory Group and Underwriting Groups on various Canadian Exchanges.

Mr. Fernback also currently serves as a Director for several Canadian mining companies. He holds an Honours B.Sc. from McMaster University, and is a graduate of the Sauder School of Business at the University of British Columbia, where he completed a MBA with a concentration in Finance. Mr. Fernback also holds a Certified Professional Accounting Designation (CPA, CMA) and is an active member of many industry and trade organizations in Vancouver.

About Nevada Energy Metals: http://nevadaenergymetals.com/
Nevada Energy Metals Inc. is a well funded, Canadian based, exploration company who's primary listing is on the TSX Venture Exchange. The Company's main exploration focus is directed at lithium brine targets located in the mining friendly state of Nevada. The Company has ownership of 77 claims in Clayton Valley, only 250m from Rockwood Lithium, the only brine based lithium producer in North America (70% optioned-out to American Lithium Corp (TSX-V: Li).  Nevada Energy Metals has also acquired: 100 claims (Teels Marsh West) covering 2000 acres (809 hectares) at Teels Marsh, Mineral County, Nevada, a prospective lithium exploration project, 100% owned without any royalties; the San Emidio Desert lithium project, consisting of 155 claims (approximately 3,100 acres/1255 hectares) in Washoe County, Nevada; the Alkali Lake Project in Esmeralda county, is a 60% earn in option agreement from Dajin Resources Corp (TSX-V: DJI), where near surface lithium values have been confirmed; the Dixie Valley Project consisting of 911 claims covering 73.6 square kilometers/28.4 square miles (7,363 hectares/18,194 acres) of salt marsh playa. 

Nevada Energy Metals Announces Encouraging Lithium Results from Big Smokey Valley, Nevada

Source:  Nevada Energy Metals

Nevada Energy Metals Inc. "the Company" (TSX-V: BFF; OTCQB: SSMLF; Frankfurt: A2AFBV) ) is pleased to announce encouraging results have been received from the latest sampling program at the Company's 100% owned Big Smokey Valley (North) project.  The geochemical sampling program was designed to test for lithium values in surface soils and/or playa evaporates.  Samples were obtained on a grid pattern consisting of eleven east/west lines spaced 400 meters apart with stations every 200 meters along the lines.  The grid covered an area of approximately 3,000 acres. 

Of the 170 sample points analyzed 150 reported Lithium values greater than or equal to 100 ppm with the highest value being 146 ppm Lithium (the median value being 116 ppm); 20 samples points were in the 53 ppm to 99 ppm range.
Rick Wilson, President an CEO stated "Obtaining a statistically large number of anomalous Lithium values across our large 3,200 acre/1,295-hectare property is highly encouraging.  We look forward to announcing the next phase of work shortly".

The BSV Lithium Project consists of 160 placer claims, with an area of 3,200 acres/1,295 hectares, located in northern Big Smokey Valley, Nye County, Nevada, 12 miles east of the town of Austin and extends approximately 100 miles in a southwesterly direction to reach a southern terminus near Clayton Valley.  The northern section, where the claims area is located contains three geothermal resources; the Darrough, the McLeod and the Spencer hot springs.

Gravity survey results indicate the depth of valley fill to be approximately 5,100 feet and that there is subsurface closure of the valley a short distance to the south of the claim block. The basin is fed by anomalous lithium bearing geothermal fluids interpreted to be meteoric waters heated by relatively deep circulation in the earth's crust.  

Historical sediment sampling results for lithium in the basin were reported in the range of 130 to 155 ppm lithium for 4 samples (J.R. Davis, U.S. Geological Survey, Denver, Co.)
Nevada Energy Metals has acquired a 100% interest in the property, free of royalty payments.