Examples of Success TMS in a sentence
During the year ended December 31, 2022, the Company assumed loans as part of the Success TMS Acquisition from three separate financing companies for the purchase of TMS devices.
Klein Revocable Trust U/A/D 10/20/80 (the “Klein Plaintiff”) filed a complaint against Success TMS in the Superior Court of New Jersey, Law Division (Bergen County) alleging a single claim for breach of contract of the Klein Note, in the principal amount of $2,090,264 (the “Klein Note Action” and together with the Delaware Complaint, the “Klein Matters”).
On July 14, 2022, in connection with the Success TMS Acquisition, the Company assumed the obligation of Success TMS to repay a promissory note (the “Klein Note”) to Benjamin Klein, who is a significant shareholder of the Company.
On May 24, 2023, the Seller Parties filed a complaint in the Superior Court of the State of Delaware against the Company and certain executive officers of the Company, and subsequently filed a first amended complaint on August 31, 2023 (the “Delaware Complaint”), concerning alleged disputes arising out of the Success TMS Acquisition (the “Purchase Agreement Claims”).
The Company expects the acquisition of Success TMS (the “Acquisition”) will enhance Greenbrook’s position as a leading provider of TMS therapy in the United States and, following completion of the Acquisition, will add 45 additional active TMS centers to the Company’s existing network of TMS centers.
For legacy Success TMS Systems loaded with one or more Treatment Sessions in January 2023 prior to the Effective Date under the Success TMS Agreement fixed price structure, Greenbook will be entitled to use such Treatment Sessions in accordance with the terms and conditions of the Success TMS Agreement through January 31, 2023; provided, however, that such Treatment Sessions will not be included in the Maximum Quarterly Reimbursable Amount under Section 3.01.
As at September 30, 2022, $0.04 million was included in accounts payable and accrued liabilities related to payables for Benjamin Klein and entities he owns.On July 14, 2022, in connection with the Success TMS Acquisition, the Company assumed the obligation of Success TMS to repay one Promissory Note to Benjamin Klein, who is a significant shareholder, officer and director of the Company.
The increase during YTD 2023 is attributable to the Success TMS Acquisition, partially offset by cost savings in relation to the execution of the Restructuring Plan and the reduction in marketing spend described above.
The increase in YTD 2023 was predominately due to the Success TMS Acquisition, partially offset by the implementation of the Restructuring Plan and the reduction in marketing spend described above.New patient starts decreased to 2,546 in Q3 2023, an 11% decrease compared to Q3 2022 (Q3 2022: 2,848) and increased to 8,047 in YTD 2023, a 24% increase compared to YTD 2022 (YTD 2022: 6,474).
For the avoidance of doubt, this Agreement will govern the purchase and sale of Treatment Sessions for use with Systems previously governed by the Success TMS Letter Agreement and/or the Success TMS Agreement.