NeuroMetrix Receives Six Month Extension of Grace Period to Regain Compliance With NASDAQ Listing Requirements
WALTHAM, Mass.--(BUSINESS WIRE)--Sep. 20, 2012--
NeuroMetrix, Inc. (Nasdaq: NURO) today reported that it has received a
letter from
The NASDAQ Stock Market LLC (“NASDAQ”) stating that it has
been granted a six month extension until
March 18, 2013 of the grace
period to regain compliance with the minimum bid price requirement under
NASDAQ Listing Rule 5550(a)(2) for continued listing on The
NASDAQ
Capital Market. During this grace period extension,
NeuroMetrix common
stock will continue to be listed on
The NASDAQ Stock Market.
About NeuroMetrix
NeuroMetrix is an innovative medical device company that develops and
markets home use and point-of-care devices, associated consumables, and
support software for the treatment and management of diabetes and its
complications. The company is focused on nerve related complications of
diabetes, called diabetic neuropathies, which affect over 50% of people
with diabetes. If left untreated, diabetic neuropathies trigger foot
ulcers that may require amputation, cause disabling chronic pain, and
increase the risk of falling in the elderly. The annual cost of diabetic
neuropathies has been estimated at $14 billion in the United States. The
company’s products are used by physicians and other clinicians in retail
health settings such as pharmacies, and by managed care organizations to
optimize patient care and reduce healthcare costs. The company markets
the NC-stat® DPNCheck™ device, which is a rapid,
accurate, and quantitative point-of-care test for diabetic neuropathy.
This product is used to detect diabetic neuropathy at an early stage and
to guide treatment. The company is in late stage development of SENSUS™,
a pain management device which recently received Food and Drug
Administration clearance. The company has additional therapeutic
products in its pipeline. For more information, please visit http://www.neurometrix.com.
Safe Harbor Statement
The statements contained in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including, without limitation, statements regarding
the company’s or management’s expectations relating to the adoption of
NC-stat DPNCheck, our ability to build a successful business focused on
diabetic peripheral neuropathy, and our hope of expanding our commercial
sales channel of our diabetic neuropathy products. While the company
believes the forward-looking statements contained in this press release
are accurate, there are a number of factors that could cause actual
events or results to differ materially from those indicated by such
forward-looking statements, including, without limitation, our estimates
of future performance, including the expected timing of the launch of
our SENSUS product; the timing, costs and other limitations involved in
obtaining regulatory clearance or approval for our SENSUS product; and
our ability to successfully develop, receive regulatory clearance or
approval, commercialize and achieve market acceptance for any of our
products. There can be no assurance that future developments will be
those that the company has anticipated. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
including those risks, uncertainties and factors referred to in the
company’s most recent Annual Report on Form 10-K as well as other
documents that may be filed from time to time with the Securities and
Exchange Commission or otherwise made public. The company is providing
the information in this press release only as of the date hereof, and
expressly disclaims any intent or obligation to update the information
included in this press release or revise any forward-looking statements.
Source: NeuroMetrix, Inc.
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
