|
|
Article: NeuroMetrix Completes Private Placement Raising $18.7 Million.
- Article from:
- Business Wire
- Article date:
- September 10, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WALTHAM, Mass. -- NeuroMetrix, Inc. (Nasdaq:NURO), today announced that it has completed its private placement of common stock and warrants. Gross proceeds from the offering were approximately $18.7 million. The primary use of the capital will be to expand its direct US sales force, increase its international presence, fund certain clinical outcome studies, advance its lead potassium channel blocker compound to a Phase I milestone, as well as for other general working capital purposes.
The company issued an aggregate of 8,816,521 newly-issued shares of common stock and warrants to purchase up to 8,792,726 additional shares of common stock (including warrants ...