NEUROMetrix Raises $10 Million in Additional Venture Financing
WALTHAM, Mass. - BUSINESS WIRE - March 24, 2004 - NEUROMetrix, Inc., a developer and provider of medical devices for the detection and monitoring of neurological conditions affecting the peripheral nerves and spine, announced today that it closed on $10 million in funding. All of the Company's existing institutional investors participated in the round, including Whitney & Co., Harris & Harris Group, Commonwealth Capital Ventures, BancBoston Ventures, the Massachusetts Institute of Technology (MIT), and Delphi Ventures.
"We are pleased that our investors have continued their support and belief in the point-of-service neurological market opportunity that we have targeted, and our ability to successfully develop and market products to take advantage of this opportunity. We will use the proceeds from this round to accelerate our current marketing and sales activities, to fund new product development and for other general corporate purposes," said President & CEO Shai N. Gozani, MD, Ph.D.
NEUROMetrix, Inc. is a developer and provider of medical devices for the detection and monitoring of neurological conditions affecting the peripheral nerves and spine. Based on advances in neuroscience and microelectronics, NEUROMetrix has developed a new class of non-invasive products for point-of-service testing of peripheral nerve and spinal disorders. The Company's technology provides physicians with immediate and cost-effective information to be used as an aid in the diagnosis of common conditions such as carpal tunnel syndrome, low back pain, and diabetes related nerve disease. The Company also has an active research and development program that it believes will lead to additional diagnostic and therapeutic products. The Company is located in Waltham, MA and evolved from the Harvard-M.I.T. Division of Health Sciences and Technology.
For more information about NEUROMetrix, Inc., call 1-888-786-7287 or 781-890-9989 or visit our website at www.neurometrix.com.