WALTHAM, Mass.--(BUSINESS WIRE)--NeuroMetrix, Inc. (NASDAQ: NURO, NUROW) announced today the pricing of a public offering with expected gross proceeds from the offering of $26.5 million. The offering was priced at $0.70 per share of the Company’s common stock (or common stock equivalent), with each share of common stock (or common stock equivalent) sold with one warrant to purchase one share of the Company’s common stock. The warrants have an exercise price of $0.70 per share, are exercisable immediately upon issuance and will expire on the fifth anniversary of their issuance date.
It is expected that approximately $19.45 million of the proceeds of the offering will be used to redeem approximately 19,450 shares of Series D convertible preferred stock and retire approximately 23.5 million warrants to purchase common stock currently outstanding. The balance of the proceeds will be used for commercialization of Quell, the Company’s over-the-counter wearable device for relief of chronic pain, in the United States and for general corporate purposes. The offering is expected to close on or about December 23, 2016, subject to satisfaction of customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., is acting as exclusive placement agent in connection with the offering.
About NeuroMetrix
NeuroMetrix is a commercial stage, innovation driven healthcare company combining bioelectrical and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The company's lead product is Quell®, an over-the-counter wearable therapeutic device for chronic pain. Quell is integrated into a digital health platform that helps patients optimize their therapy and decrease the impact of chronic pain on their quality of life. The company also markets DPNCheck®, a rapid point-of-care test for diabetic neuropathy, which is the most common long-term complication of Type 2 diabetes. The company maintains an active research effort and has several pipeline programs, including a therapeutic device for restless leg syndrome. The company is located in Waltham, Massachusetts and was founded as a spinoff from the Harvard-MIT Division of Health Sciences and Technology in 1996. For more information, please visit www.NeuroMetrix.com.
