WALTHAM, Mass. & FT LAUDERDALE, Fla., Jun 15, 2011 (BUSINESS WIRE) --
Nipro Diagnostics, Inc. and NeuroMetrix, Inc. (Nasdaq: NURO) today announced their collaboration to evaluate opportunities for NC-stat® | DPNCheck in retail medical clinics. NC-stat DPNCheck is a rapid, quantitative, point-of-care test for the evaluation of systemic neuropathies such as diabetic peripheral neuropathy (DPN). DPN affects more than half of people with diabetes and may lead to foot ulcers and limb amputation, as well as pain and an overall reduction in quality of life. Nipro and NeuroMetrix believe that this test may address the unmet medical need for better and cost-effective approaches to detecting and monitoring DPN.
Retail medical clinics are one of the fastest growing provider segments of the U.S. healthcare system. They offer urgent, convenient medical care including vaccinations, treatment of minor injuries, treatment of chronic conditions, and diagnostic procedures including blood tests. Many clinics are beginning to provide expanded services for certain disease states such as diabetes. Clinics are often featured in the major chain drugstores and department store pharmacies. There are approximately 1,200 operating retail medical clinics in the U.S., a number growing at a double digit annual rate.
Nipro Diagnostics has an established position in supplying blood glucose meters and related products to chain drug stores and other retail outlets. NeuroMetrix is the recognized leader in designing medical devices for nerve conduction studies at the point of care and is developing NC-stat DPNCheck. Product launch is scheduled for the annual conference of the American Diabetes Association (ADA) on June 24-28, 2011, with evaluation and commercial use in the US endocrinology market to begin as early as the third quarter of 2011. The companies believe that their complementary strengths will lead to an effective collaboration for the evaluation of the retail medical clinic market, and eventually lead to a commercial relationship. The market evaluation phase may include market studies, focus groups, pilot programs, data-gathering and analysis, and related activities. It will likely extend over six months or longer. Terms of a commercial partnership may be an outgrowth of this joint market assessment.
About Nipro Diagnostics
Based in Fort Lauderdale, Florida, Nipro Diagnostics, Inc. is a leading developer, manufacturer and marketer of diabetes management products. Nipro Diagnostics offers a portfolio of high-quality blood glucose monitoring products and systems available throughout the world. Nipro Diagnostics is the exclusive co-brand supplier of blood glucose monitoring systems for leading pharmacies as well as distributors and mail order providers. Nipro Diagnostics is a wholly owned subsidiary of Nipro, Corporation Inc., a $2 billon revenue company based in Osaka, Japan (Code Number: 8086; TSE 1st section and OSE 1st section). For more information, please visit www.niprodiagnostics.com.
NeuroMetrix is a science-based health care company improving patient care through neurotechnology. The company develops and markets innovative products for the detection, diagnosis, and monitoring of peripheral nerve disorders such as those associated with diabetes and carpal tunnel syndrome. For more information, please visit http://www.neurometrix.com.
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SOURCE: NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
Chief Financial Officer
Jason R. Mondek, 800-342-7226 x 3106
Vice President, Finance and Business Development