Brian Marckx

by traditional sell-side research departments. Disseminated via channels such as Bloomberg, First Call, Seeking Alpha, Zacks SCR, and Yahoo Finance, Zacks Small-Cap Research distribution is one of the broadest in the industry.

be pushed back, further reinforcing our concerns related to consistent and ongoing delays in product development and commercialization. And although maybe only a nuance, management's language on the call relative to the expected completion dates of the CRUISE studies suggest this is also being pushed back again. In summary, there was nothing in the earnings release, in the 10-Q (filed last night) or on the conference call that allayed any of our concerns that we first outlined in our September 14, 2012 initiation report or sways our Sell recommendation. While the shares are down about 25% since we initiated coverage about two months ago we feel stock still trades richer than warranted given the various and significant risks. We are maintaining our Sell recommendation and $4.00/share target price.