NeuroMetrix Reports Nasdaq CommunicationWALTHAM, Mass.--(BUSINESS WIRE)--Mar. 23, 2012--
NeuroMetrix, Inc. (Nasdaq: NURO), a medical device company focused on
the diagnosis and treatment of the neurological complications of
diabetes, reported that it had received notice from
The NASDAQ Stock
Market indicating that the closing bid price for its common stock for
the last 30 consecutive business days was below the minimum
$1.00 per
share required for continued inclusion on The
Nasdaq Capital Market.
NeuroMetrix will have 180 calendar days, or until
September 18, 2012, to
regain compliance with the minimum bid rule. To regain compliance, its
common stock must maintain a closing bid price of at least
$1.00 per
share for ten consecutive business days. The NASDAQ letter has no effect
at this time on the listing of the Company’s common stock on The
Nasdaq
Capital Market.
“Our recent $8.5M public offering caused an increase in the daily
trading volume of our stock as well as downward pressure on the stock
price,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive
Officer, NeuroMetrix. “We intend to demonstrate progress in our diabetes
focused business plan, particularly for our commercial diagnostic
product, NC-stat® DPNCheck™, and for our therapeutic device
under development, SENSUS™. We believe this will improve investor
confidence and increase the market valuation of our common stock.”
About NeuroMetrix
NeuroMetrix is a medical device company focused on the diagnosis and
treatment of the neurological complications of diabetes. The Company
currently markets products for the detection, diagnosis, and monitoring
of diabetic neuropathies such as diabetic peripheral neuropathy and
median neuropathy (carpal tunnel syndrome). For more information, please
visit http://www.neurometrix.com.
Source: NeuroMetrix
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
Chief
Financial Officer
neurometrix.ir@neurometrix.com
