NeuroMetrix Reports Agreement with GSK Healthcare on 2019 Quell Joint Development Program and Modification to Strategic Collaboration

NeuroMetrix (Nasdaq:NURO) today reported momentum in its strategic collaboration with GSK Consumer Healthcare.

As quoted in the press release:

Under terms of the collaboration entered into in the first quarter of 2018, the parties committed to co-fund future development of Quell^® technology beginning in 2019, subject to agreement on an annual program of product initiatives. The Company reported that agreement has been reached on the 2019 development program and it will commence in January 2019.

The parties modified the terms of the collaboration to reallocate the up to $13.8 million remaining to be paid by GSK upon the achievement of certain development and commercial milestones. These modifications accelerated a portion of the remaining milestones timing into the next twelve months while reducing the aggregate milestone amount payable by an interest charge. NeuroMetrix received a $2 million milestone payment from GSK in connection with such modifications.

“We are pleased with the progress in our working relationship with GSK Consumer Healthcare,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. “Both parties are committed to our shared goal of making the Quell technology available on a global basis.”

Click here to read the full press release.