NeuroMetrix Inc. (NSDQ:NURO) switched tacks again, announcing layoffs for 27 percent of its workers, the disbanding of its U.S. direct sales force and the abandonment of its troubled flagship device in favor of the Type II diabetes market.
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Deerfield Management, Flynn sell more NeuroMetrix stock
Deerfield Management and general partner James Flynn continued to pare their stakes in NeuroMetrix Inc. (NSDQ:NURO).
The latest sell-off of nearly 332,000 shares, for an average of less than 51 cents, generated $169,000 for Flynn and the hedge fund, leaving a mere 782,000 NURO shares in their hands, according to regulatory filings.
Deerfield Management slices off another piece of its NeuroMetrix stake
Deerfield Management and general partner James Flynn sold off another slice of their ever-dwindling stake in NeuroMetrix Inc. (NSDQ:NURO), which managed to reduce its third-quarter losses despite a precipitous revenue slide.
The latest sell-off of nearly 903,000 shares, for an average of 58 cents, generated $525,000 for Flynn and the hedge fund, leaving a mere 995,000 NURO shares in their hands, according to regulatory filings.
NeuroMetrix slashes Q3 losses, revenues dive
NeuroMetrix Inc. (NSDQ:NURO) cut its third-quarter losses by 62 percent, but the nerve testing equipment maker also saw Q3 sales drop significantly.
The Waltham, Mass.-based firm recorded a loss of $3.4 million, or 15 cents per diluted share, on sales of $3.4 million during the three months ended Sept. 30. That beat a loss of $9.3 million, or 57 cents per diluted share, on higher sales of $6.3 million during the same period last year.
NASDAQ warns NeuroMetrix over stock price
NeuroMetrix Inc. (NSDQ:NURO) faces de-listing from the NASDAQ exchange if it can’t get its stock price back above the exchange’s $1-per-share minimum requirement, according to a regulatory filing.
The Waltham, Mass.-based nerve testing equipment maker’s shares averaged just over 69 cents for the 30 days before the Sept. 24 NASDAQ warning, well below the exchange’s minimum.
NeuroMetrix posts “not satisfactory” Q2 results
NeuroMetrix Inc. (NSDQ:NURO) took a pasting during the second quarter, as sales plunged 43.0 percent and net losses widened by 151.0 percent, forcing the nerve testing equipment maker to lay off 25 workers, reorganize its sales force and table the development of its Ascend anesthesia device.
The Waltham, Mass.-based firm reported net losses of $4.5 million, or 20 cents per share, on sales of $3.9 million during the three months ended June 30. That compares with net losses of $1.8 million, or 13 cents per share, on sales of $6.8 million during Q2 2009.
NeuroMetrix is “several quarters” from recovery
First quarter sales plunged and net losses soared for NeuroMetrix Inc. (NSDQ:NURO), with CEO Shai Gozani saying it may be "several quarters" before the company begins to see results from changes forced by a reimbursement rate cut.
The Waltham, Mass.-based firm said revenues were off 45.6 percent for the three months ended March 31, falling to $3.7 million from $6.8 million during the same period last year. Net losses were $4.7 million, or 20 cents per share, compared with $1.2 million, or 9 cents per share, during Q1 2009.
NeuroMetrix hires Cardinal Health veteran for foreign ops
With the company expecting to soon roll out the successor to its flagship device, NeuroMetrix Inc. (NSDQ:NURO) hired a new general manager to oversee sales and operations outside the U.S.
The Waltham, Mass.-based company — which markets devices designed to measure nerve conductivity and help relieve pain — this week brought on Krishnamurthy Balachandran as a senior vice president and general manager for international operations.
NeuroMetrix on the hunt for $50 million
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.
NeuroMetrix locks down a $7.5 million loan
NeuroMetrix Inc. (NSDQ:NURO), chasing profitability, inked a one-year loan agreement with Comerica Bank to fund its day-to-day operations.
The Waltham, Mass.-based nerve conduction test maker said the deal allows it to tap up to $7.5 million from a revolving credit facility, at an interest rate of prime plus 0.5 percent, according to a filing with the Securities & Exchange Commission.
NeuroMetrix swings to Q4 black on warrants revaluation
A revaluation of warrants and a change in reimbursement policy helped produce fourth-quarter profits and hope for future top-line growth for NeuroMetrix Inc. (NSDQ:NURO).