NeuroMetrix Receives $3.8M Milestone Payment Under Its Collaboration with GSK Consumer Healthcare
June 19 2018 - 7:00AM
NeuroMetrix, Inc. (Nasdaq:NURO), today reported that it had
achieved the first development milestone under its strategic
collaboration with GSK Consumer Healthcare. A milestone payment of
$3.8 Million was made by GSK.
The collaboration with GSK was reported in January 2018. GSK
acquired exclusive ownership of the Quell® technology for markets
outside the United States in exchange for a $5M upfront payment and
up to $21.5M, upon the achievement of certain development and
commercialization milestones. In addition, NeuroMetrix and GSK will
co-fund Quell technology development for an initial two-year period
starting in 2019 with extensions by mutual agreement.
About Quell
Quell is an advanced, wearable technology for treating chronic
pain. It can be worn during the day while active and at night while
sleeping. Quell is drug-free and has been cleared by the FDA for
treatment of chronic pain without a prescription. Quell users can
personalize and manage therapy discreetly via the Quell app.
Quell also offers health tracking relevant to chronic pain
sufferers including pain, sleep, activity, and gait. Quell users
can synchronize their data with the Quell Health Cloud, which
provides customized feedback and powers one of the world’s largest
chronic pain databases. Quell is available online and through
select retailers. Visit QuellRelief.com for more information.
About NeuroMetrix
NeuroMetrix is an innovation driven healthcare company combining
neurostimulation 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. 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.
For more information, please visit NeuroMetrix.com.
NeuroMetrix, Inc.Thomas T. Higgins, 781-314-2761SVP and Chief
Financial Officerneurometrix.ir@neurometrix.com
Source: NeuroMetrix, Inc.
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