NeuroMetrix Agrees with GlaxoSmithKline on 2019 Quell Joint Development Program
December 11 2018 - 02:18PM
Dow Jones News
By Stephen Nakrosis
NeuroMetrix, Inc. (NURO) on Tuesday said the company and
GlaxoSmithKline PLC (GSK) agreed to co-fund future development of
Quell technology beginning in 2019, "subject to agreement on an
annual program of product initiatives."
NeuroMetrix said the 2019 development program will commence in
January.
The two companies also modified terms of their collaboration
which will see the up to $13.8 million remaining to be paid by
GlaxoSmithKline upon the achievement of certain milestones
reallocated. NeuroMetrix said it received a $2 million milestone
payment from GlaxoSmithKline in connection with such
modifications.
In January, the two companies announced a collaboration which
saw GSK acquire exclusive ownership of Quell technology for markets
outside the U.S., while NeuroMetrix retained exclusive ownership in
the U.S. market. Quell is a wearable device designed to ease
chronic pain.
Trading in NeuroMetrix shares had been briefly halted Tuesday
afternoon prior to the announcement. At 1:42 p.m. EST, shares were
trading up 15.87% at 98 cents per share.
American depository receipts of GlaxoSmithKline were trading
down 0.78% at $37.38.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 11, 2018 14:03 ET (19:03 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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