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Home » NeuroMetrix on the hunt for $50 million

NeuroMetrix on the hunt for $50 million

March 31, 2010 By MassDevice staff

NURO logo

NeuroMetrix Inc. (NSDQ:NURO) is making another run at raising capital, filing documents to offer up to $50 million in new securities.

The Waltham, Mass.-based maker of neurological test equipment already is a familiar face among some investors, having secured about $17.2 million in net proceeds through a private placement of stock in September 2009 priced at $2.12 per share. Prior to that deal, the company’s last fund-raising effort was its initial public offering in July 2004, which netted about $24 million.

According to NeuroMetrix’s annual report issued earlier this month, the company finished 2009 with about $30.4 million in cash and short-term securities. Coupled with expected sales proceeds this year, NeuroMetrix executives said the firm had ample resources to carry the firm in 2011, given its current operations and plans.

NeuroMetrix reported an $11.9 million net loss last year on $26.1 million in revenues, down significantly from the $27.7 million net loss recorded in 2008. It currently has two nerve conductivity products cleared for use by the U.S. Food and Drug Administration and the firm also is working on devices to deliver pain-killers and other drugs near nerve tissue.

The preliminary prospectus filed March 29 does not commit Neurometrix to a specific timetable for offering stock, bonds or hybrid instruments in future months; nor does it detail how the company plans to use any potential proceeds.

Filed Under: Business/Financial News, Neurological, News Well Tagged With: Neurometrix

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