The new deal will position ACH to distribute the pain relief device to the retail sector, including mass merchandisers and chain drug stores, Waltham, Mass.-based NeuroMetrix said.
“We are excited to have Advantage lead our retail launch. Retail expansion is a key component of our strategy, combined with an ongoing relationship with healthcare professionals. Advantage demonstrated a unique understanding of the marketplace and how to create new categories within the major U.S. retailers. Their portfolio is primarily high growth, cutting edge brands such as Quell,” NeuroMetrix senior veep Frank McGillin said in prepared remarks.
Quell is a wearable, non-invasive neurostimulation pain relief device designed to treat chronic pain resulting from diabetes, fibromyalgia and osteoarthritis as well as lower back and leg pain, the company said. The device can be worn during the day or at night, and was cleared for use without a prescription by the FDA last summer.
“We are excited about the opportunity to utilize our experience to help NeuroMetrix launch Quell at retail. The time is right for their patented technology and we believe it can make a real difference for millions of Americans suffering from chronic pain,” ACH CEO Greg Bradley said in a press release.
In June, NeuroMetrix said it raised $14.7 million in its most recent funding round. The company sold 147,000 shares at $100 per share and repurchased all of the outstanding shares of its Series A-4 convertible preferred stock for approximately $3.2 million.