The company touted recent studies which indicate that 20-40% of the adult European population suffer fron chronic pain, with an annual financial cost exceeding $250 billion.
“Europe is the natural market for initial international expansion of Quell sales. Today we are focused on North America; however, our longer term strategy is to make Quell available in all markets with a high prevalence of chronic pain. Now that we have filed for CE Marking, we will accelerate partnership and distribution discussions that will position us for market entry in 2017. We are pleased to have taken this first step towards making Quell available in Europe,” CEO Dr. Shai Gozani said in a press release.
Earlier this month, NeuroMetrix said it closed a $21.3 million round of funding through the private placement of preferred stock and warrants to support its Quell wearable pain relief device for patients with chronic pain.
The Waltham, Mass.-based company said it sold 21,300 shares of Series D convertible preferred stock at $1,000 per share and warrants to purchase an aggregate of approximately 11.8 million shares of common stock at $1.69 per share to a healthcare dedicated institutional investor.
Convertible preferred stock sold in the round is convertible into 11.8 million shares of common stock at $1.80 per share, according to a press release.