NeuroMetrix Receives $3.8M Milestone Payment Under Its Collaboration with GSK Consumer Healthcare
August 21 2018 - 2:30PM
NeuroMetrix, Inc. (Nasdaq: NURO), today reported that it had
achieved the second 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 $21.5 million, 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 has been
shown in multiple clinical studies to relieve chronic pain and, in
a published study, 4 out of 5 users reported improvement in chronic
pain. 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 moreinformation, 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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