Ann: Quarterly Report - September 2014, page-6

A few odds and ends -

1. Looks like Medivet America has been busy recently recruiting recruiting sales people -

http://www.animaljobs.com/jobview.php?jobid=3609

2. Here is a link to a Medivet article from Sep 2014 with heading - "Stem cell treatments for arthritic animals get increasing federal scrutiny”. The latter part of the article notes the FDA has recently drafted a guide on the use of stem cells and is looking more closely at stem cell products. The good news is that Medivet’s procedure falls into the category of least concern and not requiring FDA approval.

http://www.pennlive.com/midstate/index.ssf/2014/09/stem_cell_therapies_aim_to_giv.html

3. I also made an error in my previous post. The previous quarter should be $150K too low (not $300K).