Tuesday, July 29, 2008

NeuroMetrix “Advance” nerve system snags clearance in Europe

By Mass High Tech Staff

NeuroMetrix Inc., a Waltham medical devices firm, reports it has filed regulatory documents that enable it to begin sales of its “Advance” system used in nerve conduction studies and electromyography procedures in the European Union.

The company said it has finished a CE technical file for the product and will begin to market it to neurologists, clinical neurophysiologists, hand surgeons and other physicians. The system includes an electrical stimulator and dual recording technology, which gathers data on patient nerve conduction responses. It can also record electromyography signals from needles used in procedures.

NeuroMetrix (Nasdaq: NURO) received U.S. market clearance for the Advance system in April. The company, which develops and sells medical devices used in procedures for patients with peripheral nerve damage and other neurological conditions, reported a 2007 net loss of $8.4 million on revenue of $44.6 million.

The positive news of the product launch comes after NeuroMetrix announced in May that it would reduce its staff by 15 percent or more. The 34 to 54 jobs cut were expected to save the company $5 million annually while costing $285,000 in the second fiscal quarter this year. The firm plans to announce financial results of the second quarter on Aug. 5.