NeuroMetrix preferred stock placement pulls in $5M

NeuroMetrix ($NURO) has raised $5 million in a preferred stock placement through a single institutional investor, the Massachusetts medical device maker disclosed. The deal calls for issuing both Series A-1 and Series A-2 convertible preferred stock, convertible to nearly 2.4 million shares of common stock, and 5-year warrants to purchase almost 2.4 million more shares, at $2 each. NeuroMetrix won 510(k) clearance for its Sensus diabetic pain management device last fall and is pursuing robust sales plans to reach hundreds of thousands of patients, and hopefully reverse red ink. More

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