Press Releases
The Company is in the process of building a broad national
distributional channel for its SENSUS Pain Management System, which is a
novel transcutaneous electrical nerve stimulator intended for treating
chronic pain. SENSUS is a convenient and wearable non-invasive device
that offers physicians and their patients a non-narcotic pain relief
option as a complement to medications. The device is lightweight and can
be worn during the day while remaining active, or at night while
sleeping. The Company believes it is the only transcutaneous electrical
nerve stimulator designed specifically for people with diabetes that
suffer from chronic pain. The most common cause of such pain is painful
diabetic neuropathy (PDN), which affects up to 5 million people in the
U.S. alone. The Company’s business strategy is to develop widespread
distribution in
Highlights for the second quarter include:
- SENSUS is currently carried by about 15 regional durable medical equipment suppliers. The Company shipped approximately 210 devices during the second quarter and approximately 350 devices year-to-date.
- Pilot programs to evaluate market interest are scheduled or under discussion with several large national distribution partners. The Company expects pilot programs to start in the third quarter of 2013.
-
SENSUS became the first transcutaneous electrical nerve stimulator to
receive 510(k) clearance from the
U.S. Food and Drug Administration (FDA ) for use during sleep. This expanded regulatory indication allows SENSUS to be marketed for overnight use. -
A
$5 million equity offering was completed to secure additional resources for SENSUS commercialization, further product development and for working capital purposes.
“We are building a broad commercial foundation for SENSUS based on
national distribution and widespread product awareness,” said Shai N.
Gozani, M.D., Ph.D., President and Chief Executive Officer of
The Company reported its financial results for the second quarter of
2013. Total revenues were
For the six month period ended
Company to Host Live Conference Call and Webcast
About
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 and SENSUS, our ability to build a successful business
focused on diabetic peripheral neuropathy, our hope of expanding our
commercial sales channel of our diabetic neuropathy products and our
hope that entering into a SENSUS pilot program with a national
distribution partner will rapidly expand SENSUS awareness and sales.
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, 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
|
NeuroMetrix, Inc. |
||||||||||||||||||
| Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| Revenues | $ | 1,160,472 | $ | 2,205,831 | $ | 2,561,926 | $ | 4,287,373 | ||||||||||
| Cost of revenues | 501,161 | 983,350 | 1,070,945 | 2,118,294 | ||||||||||||||
| Gross profit | 659,311 | 1,222,481 | 1,490,981 | 2,169,079 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | 913,847 | 1,020,726 | 1,987,266 | 1,998,792 | ||||||||||||||
| Sales and marketing | 880,218 | 1,595,642 | 1,660,059 | 3,129,743 | ||||||||||||||
| General and administrative | 992,160 | 1,382,268 | 2,225,754 | 2,573,332 | ||||||||||||||
| Total operating expenses | 2,786,225 | 3,998,636 | 5,873,079 | 7,701,867 | ||||||||||||||
| Loss from operations | (2,126,914 | ) | (2,776,155 | ) | (4,382,098 | ) | (5,532,788 | ) | ||||||||||
| Interest income | 1,394 | 4,027 | 3,163 | 8,325 | ||||||||||||||
| Warrants offering costs | (376,306 | ) | — | (376,306 | ) | — | ||||||||||||
| Change in fair value of warrant liability | 1,155,996 | — | 1,155,996 | — | ||||||||||||||
| Net loss | $ | (1,345,830 | ) | $ | (2,272,128 | ) | $ | (3,599,245 | ) | $ | (5,524,463 | ) | ||||||
| Net loss per common share applicable to common stockholders, basic and diluted | $ | (0.92 | ) | $ | (1.32 | ) | $ | (1.97 | ) | $ | (3.17 | ) | ||||||
Note: per share amounts have been adjusted to reflect the Company’s
1:6
reverse stock-split which occurred on
|
Condensed Balance Sheets |
|||||||||
|
June 30, 2013 |
December 31, 2012 |
||||||||
| Cash and cash equivalents | $ | 9,586,435 | $ | 8,699,478 | |||||
| Other current assets | 1,628,557 | 1,873,588 | |||||||
| Noncurrent assets | 233,664 | 304,381 | |||||||
| Total assets | $ | 11,448,656 | $ | 10,877,447 | |||||
| Current liabilities | $ | 2,111,659 | $ | 2,005,606 | |||||
| Noncurrent liabilities | 2,896,434 | 71,419 | |||||||
| Stockholders’ equity | 6,440,563 | 8,800,422 | |||||||
| Total liabilities and stockholders’ equity | $ | 11,448,656 | $ | 10,877,447 | |||||
Source:
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com