NeuroMetrix CEO Resigns
WALTHAM, Mass. -- NeuroMetrix, Inc. (Nasdaq: NURO - News) announced today that Gary L. Gregory, the company's Chief Operating Officer, will be leaving the company to pursue new professional opportunities. Mr. Gregoryâ€™s resignation will become effective May 31, 2008. In the interim, Mr. Gregory will work with Shai Gozani, M.D., Ph.D., President and Chief Executive Officer, to transition management of those areas of the business that have been under his direct leadership including marketing, sales and business development.
"Over the past six years, Gary has contributed to the growth and development of our company in many ways, most notably in building our marketing & sales organization, business operations, and customer base. We thank him for his contributions and wish him all the best in his future endeavors," said Shai Gozani, M.D., Ph.D., the company's President and Chief Executive Officer.
Mr. Gregory added â€œIt has been very gratifying to help lead the company from the pre-IPO efforts to the present. I thank all my colleagues for their commitment and efforts over the past six years.â€
Mr. Gregoryâ€™s management responsibilities will be assumed by Dr. Gozani. Monty Hukill, Vice President of Sales - Diagnostic Devices, Michael MacDonald, Vice President of Marketing, and Kevin Quinn, Vice President of Business Development will take on direct day-to-day responsibilities for the Companyâ€™s sales, marketing, and business development efforts and will report directly to Dr. Gozani.
NeuroMetrix is a science based medical device company advancing patient care through the development and marketing of innovative medical device products that aid physicians in the diagnosis and treatment of diseases of the nervous system and neurovascular disorders, and that provide regional anesthesia and pain control. To date, our focus has been on the assessment of neuropathies and neurovascular disorders. Neuropathies affect the peripheral nerves and parts of the spine and are frequently caused by or associated with carpal tunnel syndrome, diabetes, and low back and leg pain, as well as other clinical disorders. The NC-stat System, NeuroMetrix's initial neuropathy evaluation system, has been on the market since May 1999 and is used in over 5,500 physician's offices and clinics in the United States for performance of nerve conduction studies. The ADVANCE System, recently cleared by the FDA for marketing in the U.S., is a system for the performance of traditional nerve conduction studies and invasive electromyography procedures.
Diabetic retinopathy is a common neurovascular complication of diabetes and the leading cause of blindness among working age adults. Through the acquisition of EyeTel Imaging, NeuroMetrix markets the DigiScopeâ„¢, which is a retinal imaging system designed for use at the point-of-care in physician offices and vision clinics.
Our product pipeline includes the NAVIGATORâ„¢ System, a device designed to precisely deliver pharmacologic agents such as anesthetics and corticosteroids in close proximity to nerves (â€œperineurallyâ€) for regional anesthesia, pain control and the treatment of focal neuropathies such as carpal tunnel syndrome. We are also developing a neurostimulation based product that promotes nerve fiber regeneration for the treatment of acute nerve injuries such as due to lacerations and other forms of trauma.