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NeuroMetrix Inc., a Waltham medical device firm, is seeking $10.5 million from a public offering of stock and warrants. The company said it expects to apply the proceeds to commercializing its nerve conduction test and developing its pain therapy device.
The company’s offering is for 10.5 million units, priced at $1 per unit, with each unit made up of one common stock share and one warrant to buy one half share of common stock at $1.15 per share. The stock and warrants offering will close around Feb. 13.
NeuroMetrix’s NC-stat DPNCheck is its nerve conduction test to be sold in retail medical clinics and used to measure diabetic peripheral neuropathy. The company formed a partnership in July with Ft. Lauderdale, Fla.-based Nipro Diagnostics to advance the DPNCheck.
The company also is developing Sensus, its pain therapy device intended to manage painful diabetic neuropathy.
NeuroMetrix (Nasdaq: NURO), which had begun life as a developer of medical devices and therapies to treat neurological and spinal conditions, in January shifted its focus to detection and monitoring of diabetic neuropathy, a complication of diabetes that results in nerve damage, and laid off 27 percent of its staff.
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