CNS Response Raises $2.9 Million

December 30, 2009 (FinancialWire) — December 30, 2009 (FinancialWire) — CNS Response, Inc. (OTCBB: CNSO) said it has completed a second closing of its private placement, resulting in additional net proceeds to the company of approximately $2.65 million.

The company sold approximately 72 Units at a price of $54,000 per Unit. Each Unit consists of 180,000 shares of the company’s common stock and a five-year, non-callable warrant to purchase 90,000 shares of the company’s common stock at an exercise price of $0.30 per share. The shares of common stock and warrants are immediately separable and will be issued separately.

CNS plans to use the proceeds from the transaction for general corporate purposes, including clinical trial expenses, research and development expenses, and general and administrative expenses. A portion of the proceeds will also be used to satisfy obligations relating to legal fees incurred in connection with defending the company from actions brought in the Delaware Court of Chancery by the company’s former CEO Leonard Brandt.

California-based CNS Response has developed a data-analysis capability that, with the help of a non-invasive EEG, is meant to analyze a patient’s brain waves and compare the results to an extensive patient outcomes database.

The process produces a rEEG report providing a psychiatrist with guidance to personalize medication regimens for a patient, based on the patient’s own brain physiology.

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