NeuroMetrix closes $4m private placement

NeuroMetrix (NSDQ:NURO) said today it closed a $3.5 private placement round of Series F convertible preferred stock with funds slated to support continued commercialization of its Quell device.

The Waltham, Mass.-based ocmpany floated a total of 3,500 Series F convertable shares at $1,000 per share. Shares sold in the round are convertible into 1.3 million shares of common stock at $2.63 per share, according to the company.

The closing was the 2nd and final tranche of a $7 million private placement equity offering with an institutional investor which was originally reported in July. NeuroMetrix said the company received shareholder approval for the 2nd tranche at a special meeting of shareholders last month.

A total of 7,000 Series F shares were issued in the private placement for total proceeds of $7 million.

In May, NeuroMetrix said it would engage in a 1-for-8 reverse stock split as it looks to satisfy the $1 minimum bid price requirement for the NASDAQ capital market.

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