WALTHAM, Mass.--(BUSINESS WIRE)--
NeuroMetrix, Inc. ("NeuroMetrix" or the "Company") (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.
The securities will be sold pursuant to an effective registration
statement on Form S-1 (File No. 333-207566) that was previously filed
with the Securities and Exchange Commission ("SEC"). The securities may
be offered only by means of a prospectus. The preliminary prospectus
related to the offering has been filed with the SEC and a final
prospectus related to the offering will be filed with the SEC on or
about December 21, 2016. Copies of the preliminary prospectus and the
final prospectus, when available, may be obtained at the SEC's website
located at http://www.sec.gov,
or from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, New York
10022, via e-mail at placements@hcwco.com or
via telephone at (212) 356-0500.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of NeuroMetrix, Inc., and
shall not constitute an offer, solicitation or sale of any security in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161220005313/en/
NeuroMetrix, Inc.
Thomas T. Higgins,
781-314-2761
SVP and Chief Financial Officer
neurometrix.ir@neurometrix.com
Source: NeuroMetrix, Inc.
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