WALTHAM, Mass.--(BUSINESS WIRE)--NeuroMetrix, Inc. (NASDAQ: NURO, NUROW) announced that it has closed its previously announced private placement to a healthcare dedicated institutional investor of 7,000 shares of Series E convertible preferred stock at a price of $1,000 per share, and warrants to purchase an aggregate of approximately 10.0 million shares of common stock at an exercise price of $0.70 per share. The Company has received gross proceeds from the first tranche of the offering of $4.0 million, and expects to receive gross proceeds from a second tranche, which is subject to shareholder approval and an effective resale registration statement, of $3.0 million. The proceeds of the offering 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 working capital purposes.

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.