NeuroMetrix and GSK Strategic Collaboration
NeuroMetrix, Inc. (Nasdaq:NURO) announced today a collaboration with GlaxoSmithKline (NYSE:GSK), one of the world’s largest science-led global healthcare companies, involving Quell® Wearable Pain Relief Technology™.
The key elements of the collaboration are as follows:
- GSK Consumer Healthcare acquires exclusive ownership of Quell technology for markets outside the U.S.
- NeuroMetrix retains exclusive ownership of Quell technology in the U.S. market.
- GSK Consumer Healthcare and NeuroMetrix to co-fund development of Quell technology for a three-year period beginning in 2018 through 2020, with subsequent annual renewals by mutual agreement.
- GSK Consumer Healthcare to pay NeuroMetrix$5M for the assets relating to Quell technology for markets outside the U.S and up to $21.5M, upon the achievement of certain development and commercialization milestones.
“We are excited by the opportunity to partner with GSK Consumer Healthcare to expand access to Quell technology among chronic pain sufferers around the world. GSK Consumer Healthcare is a world leader in over-the-counter pain relief, with several top global brands,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. “We will continue to focus on building Quell into a leading U.S. consumer healthcare brand while collaborating with GSK on Quell product development and supporting their international commercialization efforts. We believe that GSK is our ideal Quell partner as we share a deep commitment to science-based therapies and to the health and quality of life of our customers.”
Canaccord Genuity acted as financial advisor to NeuroMetrix in the transaction.
About Quell Pain Relief
Quell is an advanced, wearable technology for treating chronic pain. It can be worn during the day while active and at night while sleeping. Quell is drug-free and has been cleared by the FDA for treatment of chronic pain without a prescription. Quell users can personalize and manage therapy discreetly via the Quell app.
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