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NeuroMetrix prices $26.5M offering

NeuroMetrix Inc. priced a public offering to raise $26.5 million in gross proceeds.

The offering was priced at 70 cents per common share, with each share sold with 1 warrant to purchase 1 common share. The warrants are exercisable at a price of 70 cents per common share immediately upon issuance and will expire five years after issuance.

NeuroMetrix will use about $19.45 million of the proceeds to redeem about 19,450 series D convertible preferred shares and retire about 23.5 million warrants to buy outstanding common stock. The company will use the remaining proceeds to fund the commercialization of Quell, its over-the-counter wearable device for relief of chronic pain, in the U.S. and for general corporate purposes.

The offering is expected to close Dec. 23, subject to customary closing conditions.

Rodman & Renshaw is the offering's exclusive placement agent.