NeuroMetrix (NSDQ:NURO) said on Monday it inked a private placement deal set to bring in approximately $7 million in gross proceeds.

Money in the placement came through the sale of 7,000 shares of Series F convertible preferred stock at $1,000 per share. Funds will be supplied through in initial tranche of $3.5 million and a second tranche, which is subject to shareholder approval and a resale registration statement for the remaining amount.

Funds from the round will be used to support the continued commercialization of the company’s Quell over-the-counter wearable pain relief device in the US, as well as for general working capital purposes.

Series F convertible stock in the round are convertible at any time into an aggregate of approximately 2.7 million shares of common stock at a price of $2.63 per share, Waltham, Mass.-based NeuroMetrix said. The company will need to seek shareholder approval for the 2nd tranche of Series F shares.

The 1st tranche in the offering is expected to close on or about July 13, according to a press release.

In May, NeuroMetrix said it would engage in a 1-for-8 reverse stock split as it looks to satisfy the $1 minimum bid price requirement for the NASDAQ capital market.