ALISO VIEJO, Calif., Aug. 19, 2013 (GLOBE NEWSWIRE) -- CNS Response, Inc. (OTCBB:CNSO) today announced that all 25 of its note holders who have held convertible notes issued between October 2010 and February 2012 have agreed to convert $7.8 million of principal and interest into common stock. This conversion substantially reduces the Company's debt outstanding, simplifies the Company's capital structure and greatly improves the Company's working capital position.
CNS Response CFO Paul Buck commented, "We appreciate the confidence our investors have demonstrated in the Company by converting their long-held debt to equity. This conversion also makes it easier for us to finance expansion of our PEER Interactive trial with the US Military."
President Obama has made technology investments in mental health care a national priority, as he reaffirmed at the Disabled Veterans of America Convention on August 10, 2013:
"We also need to keep improving mental health services, because we've got to end this epidemic of suicide among our veterans and troops... We're going to focus on developing more effective ways to prevent, diagnose and treat mental health conditions like TBI and PTSD. And to get it done, we're moving ahead with more than $100 million in new research."
About CNS Response:
CNS Response provides reference data and analytic tools for clinicians and researchers in psychiatry. Treatment for mental disorders has doubled in the last 20 years and use of psychotropic medications has grown over 400% -- but treatments fail more often than they succeed and over 17 million Americans have failed two or more medication therapies for their mental disorder. The company's Psychiatric EEG Evaluation Registry, or PEER Online, is a registry and reporting platform that allows medical professionals to exchange treatment outcome data for patients referenced to objective neurophysiology data obtained through a standard electroencephalogram (EEG). Based on the company's original physician-developed database, there are now approximately 36,000 outcomes from 9,400 unique patients in the PEER registry. The objective of PEER Online is to reduce trial and error pharmacotherapy, the dominant approach for treatment resistant patients.
To read more about the benefits of this patented technology for patients, physicians and payers, please visit www.cnsresponse.com. Medical professionals interested in learning more can contact CNS Response at PEERinfo@cnsresponse.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for the historical information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements involve risks and uncertainties as set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.