Neuronetics Announces Expansion of Sales Organization
January 07 2021 - 08:00AM
Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical
technology company focused on designing, developing and marketing
products that improve the quality of life for patients who suffer
from psychiatric disorders, today announced the expansion of its
commercial organization.
Sales Organization UpdateAs part of the
Company’s previously announced sales organization optimization
initiative, the Company recently expanded the size of its sales
organization, including the addition of:
- Thirteen new Business Development Managers (“BDMs”), bringing
the total number of BDMs to 22
- Nine new NeuroStar Practice Consultants (“NPCs”), bringing the
total number of NPCs to 27
In addition, the Company added personnel to its sales
management, reimbursement, clinical training and marketing
functions.
“We are delighted with the exceptional talent we were able to
attract to Neuronetics. Many of these individuals have extensive
experience with the capital sale with a trailing treatment session
model. And, these individuals share the core values needed to drive
the execution of our strategy and company mission,” said Keith J.
Sullivan, President and Chief Executive Officer of Neuronetics. “We
are very excited about what the future holds at Neuronetics and
look forward to leveraging the momentum we have built to continue
to expand awareness and access to NeuroStar Advanced Therapy for
people who are suffering from depression.”
Inducement GrantIn conjunction with this
expansion, on January 4, 2021, the Compensation Committee of
Neuronetics’ Board of Directors granted restricted stock unit
(“RSU”) awards representing an aggregate of 267,358 shares of its
common stock to 23 new employees under the Neuronetics, Inc. 2020
Inducement Equity Incentive Plan, (the “2020 Inducement Plan”) in
accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest
in three substantially equal installments on the first, second and
third anniversaries of the grant date, subject to the continuing
employment of the respective RSU recipients.
The 2020 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Neuronetics (or following a bona fide period of non-employment), as
an inducement material to such individuals’ entering into
employment with Neuronetics, pursuant to Rule 5635(c)(4) of the
Nasdaq Listing Rules.
About NeuroneticsNeuronetics, Inc. is a
commercial-stage medical technology company focused on designing,
developing, and marketing products that improve the quality of life
for patients who suffer from psychiatric disorders. Its commercial
product, the NeuroStar® Advanced Therapy System, is a non-invasive
and non-systemic office-based treatment that uses transcranial
magnetic stimulation, or TMS, to create a pulsed, MRI-strength
magnetic field that induces electrical currents designed to
stimulate specific areas of the brain associated with mood. The
system is cleared by the United States Food and Drug
Administration, or FDA, for the treatment of major depressive
disorder in adult patients who have failed to achieve satisfactory
improvement from prior antidepressant medication in the current
episode. NeuroStar is also available in other parts of the world,
including Japan, where it is listed under Japan’s national
health insurance. Additional information can be found
at www.neuronetics.com.
“Safe harbor” statement under the Private Securities
Litigation Reform Act of 1995:Statements in the press
release regarding Neuronetics, Inc. (the “Company”) that are not
historical facts constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be identified by terms such as
“outlook,” “potential,” “believe,” “expect,” “plan,” “anticipate,”
“predict,” “may,” “will,” “could,” “would” and “should” as well as
the negative of these terms and similar expressions. These
statements are subject to significant risks and uncertainties and
actual results could differ materially from those projected. The
Company cautions investors not to place undue reliance on the
forward-looking statements contained in this release. These risks
and uncertainties include, without limitation, risks and
uncertainties related to: the impact of COVID-19 on general
political and economic conditions, including as a result of efforts
by governmental authorities to mitigate COVID-19, such as travel
bans, shelter in place orders and third-party business closures and
the related impact on resource allocations, manufacturing and
supply chains and patient access to commercial products; the
Company’s ability to execute its business continuity, operational
and budget plans in light of the COVID-19 outbreak; the Company’s
ability to achieve or sustain profitable operations due to its
history of losses; the Company’s reliance on the sale and usage of
its NeuroStar Advanced Therapy System to generate revenues; the
scale and efficacy of the Company’s salesforce; availability of
coverage and reimbursement from third-party payors for treatments
using the Company’s products; physician and patient demand for
treatments using the Company’s products; developments in respect of
competing technologies and therapies for the indications that the
Company’s products treat; product defects; the Company’s ability to
obtain and maintain intellectual property protection for its
technology; developments in clinical trials or regulatory review of
NeuroStar Advanced Therapy System for additional indications; and
developments in regulation in the United States and other
applicable jurisdictions. For a discussion of these and other
related risks, please refer to the Company’s recent SEC filings
which are available on the SEC’s website at www.sec.gov. These
forward-looking statements are based on the Company's expectations
and assumptions as of the date of this press release. Except as
required by law, the Company undertakes no duty or obligation to
update any forward-looking statements contained in this press
release as a result of new information, future events or changes in
the Company's expectations.
Investor Contact:Mark R. KlausnerWestwicke
Partners443-213-0501ir@neuronetics.com
Media Contact:Chelsey MankoVault
Communications610-455-2778cmanko@vaultcommunications.com
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