Key Developments For NeuroMetrix, Inc.
NeuroMetrix, Inc. (NURO.O) (Consolidated Issue listed on NASDAQ Global Market)
NeuroMetrix, Inc. Completes Private Placement Raising $18.7 Million
NeuroMetrix, Inc. announced that it has completed its private placement of common stock and warrants. Gross proceeds from the offering were approximately $18.7 million. The primary use of the capital will be to expand its direct US sales force, increase its international presence, fund certain clinical outcome studies, advance its lead potassium channel blocker compound to a Phase I milestone, as well as for other general working capital purposes. The Company issued an aggregate of 8,816,521 newly issued shares of common stock and warrants to purchase up to 8,792,726 additional shares of common stock (including warrants issued to the placement agents). The Company expects to receive net proceeds of approximately $17.3 million after deducting placement agent fees and other offering expenses. The financing was led by Deerfield Management, an existing investor, with participation by Cummings Bay Advisors, Delphi Ventures, Great Point Partners, Gruber & McBaine Capital Management, New Enterprise Associates, and Symmetry Capital Management.
NeuroMetrix, Inc. Names Thomas T. Higgins As Chief Financial Officer
NeuroMetrix, Inc. announced the appointment of Thomas T. Higgins as Senior Vice President and Chief Financial Officer. The appointment is effective immediately.
NeuroMetrix, Inc. To Raise $18.68 Million
NeuroMetrix, Inc. announced that it has obtained commitments from institutional investors to purchase approximately $18.68 million of its common stock in a private placement. The Company has entered into securities purchase agreements pursuant to which it will sell an aggregate of 8,816,521 shares and warrants to purchase up to 8,375,695 additional shares of common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.95 of a share of common stock, will be sold for a purchase price of $2.12. The offering is expected to close later this week. According to the Company, proceeds from the transaction are expected to be used to expand its direct US sales force, increase its international presence, fund certain clinical outcome studies, advance its lead potassium channel blocker compound to a Phase I milestone, as well as for other general working capital purposes.
NeuroMetrix, Inc. Receives FDA 510(k) Clearance For UNIVERSAL Electrodes Used In Performance Of Nerve Conduction Studies
NeuroMetrix, Inc. announced that it has received 510(k) clearance for its UNIVERSAL Electrodes from the U.S. Food and Drug Administration (FDA). This regulatory determination by the FDA gives the Company clearance to market the UNIVERSAL Electrodes in the U.S. These electrodes are intended to be used with the NeuroMetrix ADVANCE NCS/EMG System for performance of nerve conduction studies.
NeuroMetrix, Inc. Completes CE Technical File and Achieves CE Marking For Its ADVANCE System allowing Marketing in European Union
NeuroMetrix, Inc. announced that it has completed the CE technical file for its ADVANCE System (ADVANCE). With this regulatory step, NeuroMetrix intends to begin marketing ADVANCE to neurologists, clinical neurophysiologists, hand surgeons, and other specialists in the EU.ADVANCE is a comprehensive platform for the performance of traditional nerve conduction studies and needle electromyography procedures. The technical specifications include a precision electrical stimulator and dual recording channels for acquiring nerve conduction responses. A third channel is available for recording needle electromyography signals. ADVANCE introduces several important technological improvements. These include a small enclosure and power from a high capacity lithium-ion battery making use of the device convenient in many environments. The amplification and digitization hardware is embedded in the cable connector thereby providing digital signal transmission from the recording electrodes to the device. This technology reduces susceptibility to electrical interference and makes the device suitable for all settings, even challenging applications such as nerve function assessment in intensive care units. The device is designed around a high-resolution color touch screen that facilitates real-time review and editing of nerve conduction waveforms. Integrated Bluetooth® provides convenient wireless communication with data management and report generation servers.
