NeuroMetrix said on Tuesday that it initiated a process to review strategic options to grow its neuromodulation and neurodiagnostic businesses.

The Woburn, Massachusetts-based company wants to promote the growth of its Quell and DPNCheck offerings and maximize shareholder value. It said it plans to consider a wide range of options. That could include marketing strategies, acquiring new assets, potentially selling company assets or other mergers or strategic transactions.

NeuroMetrix says it expects no changes in its commercial operations as it looks at new opportunities. The company enlisted Ladenburg Thalmann & Co. as its financial advisor. It offered no assurances of this process resulting in any particular transaction or strategic outcome. NeuroMetrix also declined to set a timetable for this process.

“There are attractive opportunities for both vertical and horizontal growth with our Quell neuromodulation technology,” said Dr. Shai N. Gozani, NeuroMetrix CEO. “Growth initiatives consume financial resources and, in the near-term, we are fortunate to have adequate funding. However, our perspective extends beyond the near term. We intend to continue carefully managing our liquid resources, optimizing cash flow and taking advantage of funding opportunities. The exploration of strategic options is intended to complement these efforts with the goal of best positioning the company for growth while optimizing shareholder interests.”