NeuroMetrix Closes $14.7 Million Public Offering

WALTHAM, Mass., May 29, 2015 (BUSINESS WIRE) --
NeuroMetrix, Inc.
NURO, +23.66%
today reported that it has closed its
previously announced underwritten public offering.  The Company sold
147,000 units, with each unit consisting of one share of Series B
convertible preferred stock and 99 warrants exercisable for 99 shares of
common stock, at a public offering price of $100 per unit.  The units
immediately separated into Series B convertible preferred stock and
warrants upon closing.  Subject to certain ownership limitations, the
Series B convertible preferred stock is convertible at any time into an
aggregate of 14,553,000 shares of common stock at a conversion price of
$1.0101 per share and the warrants are exercisable for an aggregate of
14,553,000 shares of common stock.  The warrants have an exercise price
of $1.25 per share, expire on May 29, 2020 and trade on The NASDAQ
Capital Market under the symbol “NUROW”. 

The gross proceeds to the Company were approximately $14.7 million,
before deducting underwriting discounts and commissions and offering
expenses payable, and before the repurchase of all of the outstanding
shares of the Company’s Series A-4 convertible preferred stock for
approximately $3.2 million, which occurred simultaneously with the
closing of this offering. 

The Company intends to use the net proceeds of this offering to fund the
commercial launch of Quell™ in the United States and for general
corporate purposes.  Quell is an over-the-counter wearable pain relief
device that utilizes proprietary non-invasive neurostimulation
technology to provide pain relief.  The device is designed for people
with conditions such as diabetic nerve pain, low back and leg pain,
fibromyalgia, and pain associated with osteoarthritis.  The advanced
wearable device is lightweight and can be worn during the day while
active, and at night while sleeping.  It has been cleared by the FDA for
treatment of chronic pain without a prescription.  Users of the device
have the option of using their smart phone to track and personalize
their pain therapy through the Quell Relief app which is available in
the Apple app store. 

Maxim Group LLC acted as the sole book-running manager for the offering. 

A registration statement on Form S-1 relating to these securities was
declared effective by the Securities and Exchange Commission on May 26,
2015.  A final prospectus related to the offering was filed with the SEC
and is available on the SEC's website located at www.sec.gov. 
Alternatively, copies may be obtained from Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745. 

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction. 

About NeuroMetrix

NeuroMetrix is an innovative health-care company that develops wearable
medical technology and point-of-care tests that help patients and
physicians better manage chronic pain, nerve diseases, and sleep
disorders.  For more information, please visit www.NeuroMetrix.com. 

Company

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