ST. PAUL, Minn., Oct. 13, 2016 /PRNewswire/ -- EnteroMedics Inc.
(NASDAQ: ETRM), the developer of medical devices using
neuroblocking technology to treat obesity, metabolic diseases and
other gastrointestinal disorders, today urged shareholders of
record at the close of business on September
14, 2016 to vote FOR all of the management proposals
at the upcoming special meeting of shareholders, to be held on
Wednesday, October 19, 2016.
Each of the management proposals is an important element
of EnteroMedics' plan to maintain its listing on the The Nasdaq
Capital Market and fund its future operations and development.
EnteroMedics' future opportunities include its recently announced
distribution agreement to supply vBloc Therapy to U.S. veterans at
VA facilities at little to no cost to veterans in accordance with
their veterans' health benefits.
How to Vote
If your shares of EnteroMedics Common Stock are held in the name
of a broker, bank or other nominee, in order to vote, you will need
the control number which appears on your proxy card.
Below are two convenient ways for most shareholders to
vote.
EnteroMedics highly recommends shareholders vote
electronically or by phone. Please have your control number
ready while voting. The control number is located on your
proxy card.
Through the Internet, most shareholders can vote by visiting a
website established for that purpose at
www.proxyvote.com and following the instructions.
Most shareholdersmay also be able to vote by telephone, by calling
1-800-454-8683, as long as they have their proxy control
number available.
For shareholders who still need assistance voting their shares,
or have questions regarding the special meeting, please contact
EnteroMedics' proxy solicitation firm, The Proxy Advisory Group
LLC, either by telephone: 212-616-2180 or email:
info@proxyadvisory.net.
The EnteroMedics Board Recommends Shareholders Vote "FOR" all
of the proposals.
At the special meeting, shareholders will vote on the following
management proposals:
- Approval of an amendment to Article IV, Section 1 of the
Certificate of Incorporation to increase the number of shares of
common stock authorized for issuance to 650 million shares;
- Approval of an amendment to the Certificate of Incorporation to
effect a reverse split of our issued and outstanding shares of
common stock at a ratio of between 1-for-10 and 1-for-20,
inclusive, which ratio will be selected at the sole discretion of
our Board of Directors at any whole number in the above range, with
any fractional shares that would otherwise be issued as a result of
the reverse split being rounded up to the nearest whole share,
provided, however, that our Board of Directors may abandon the
Reverse Stock Split in its sole discretion;
- Approval of the Second Amended and Restated 2003 Stock
Incentive Plan; and
- Approval of one or more adjournments to the Special Meeting, if
necessary or appropriate, to establish a quorum or to permit
further solicitation of proxies if there are not sufficient votes
at the time of the Special Meeting cast in favor of Proposal 1,
Proposal 2 or Proposal 3.
The Board of Directors recommends that you vote FOR the
Authorized Share Increase, FOR the Reverse Stock Split,
FOR the Second A&R Incentive Plan, and FOR any
adjournment necessary to solicit additional proxies in favor of the
Reverse Stock Split, the Authorized Share Increase or the Second
A&R Incentive Plan
The full meeting agenda is detailed in EnteroMedics'
definitive proxy statement, which has been filed with the
Securities and Exchange Commission and mailed to all EnteroMedics
stockholders of record as of September 14,
2016, the record date for the special meeting of
EnteroMedics' shareholders to approve the above management
proposals.
About EnteroMedics Inc.
EnteroMedics is a medical device company focused on the
development and commercialization of its neuroscience based
technology to treat obesity and metabolic diseases.
vBloc® Neurometabolic Therapy, delivered by a
pacemaker-like device called the vBloc® System, is
designed to intermittently block the vagus nerves using
high-frequency, low-energy, electrical impulses. EnteroMedics'
vBloc® System has received U.S. Food and Drug
Administration approval and CE Mark.
Information about the vBloc® System and vBloc®
Neurometabolic Therapy
You should not have an implanted
vBloc® System if you have cirrhosis of the liver, high
blood pressure in the veins of the liver, enlarged veins in your
esophagus or a significant hiatal hernia of the stomach; if you
need magnetic resonance imaging (MRI); if you have a permanently
implanted, electrical medical device; or if you need a diathermy
procedure using heat. The most common related adverse events that
were experienced during clinical study of the vBloc System included
pain, heartburn, nausea, difficulty swallowing, belching, wound
redness or irritation, and constipation.
Talk with your doctor about the full risks and benefits of vBloc
Therapy and vBloc System. For additional prescribing information,
please visit www.enteromedics.com.
If you are interested in learning more about vBloc
Neurometabolic Therapy, please visit www.vbloc.com or call
1-800-MY-VBLOC.
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements about
EnteroMedics Inc. Our actual results could differ materially from
those discussed due to known and unknown risks, uncertainties and
other factors including our limited history of operations; our
losses since inception and for the foreseeable future; our limited
commercial sales experience with our vBloc® System for
the treatment of obesity in the United
States or in any foreign market other than Australia and the European Community; our
ability to regain and then maintain compliance with the Nasdaq
continued listing requirements; our ability to commercialize our
vBloc® System; our dependence on third parties to
initiate and perform our clinical trials; the need to obtain
regulatory approval for any modifications to our vBloc®
System; physician adoption of our vBloc® System and
vBloc® Neurometabolic Therapy; our ability to obtain
third party coding, coverage or payment levels; ongoing regulatory
compliance; our dependence on third party manufacturers and
suppliers; the successful development of our sales and marketing
capabilities; our ability to raise additional capital when needed;
international commercialization and operation; our ability to
attract and retain management and other personnel and to manage our
growth effectively; potential product liability claims; potential
healthcare fraud and abuse claims; healthcare legislative reform;
and our ability to obtain and maintain intellectual property
protection for our technology and products. These and additional
risks and uncertainties are described more fully in the Company's
filings with the Securities and Exchange Commission, particularly
those factors identified as "risk factors" in the annual report on
Form 10-K filed March 28, 2016. We
are providing this information as of the date of this press release
and do not undertake any obligation to update any forward-looking
statements contained in this document as a result of new
information, future events or otherwise.
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SOURCE EnteroMedics Inc.