WALTHAM, Mass.--(BUSINESS WIRE)--NeuroMetrix, Inc. (NASDAQ: NURO) announced today that it entered into a definitive securities purchase agreement with a healthcare dedicated institutional investor in connection with a private placement of 13,800 shares of Series C convertible preferred stock at a price of $1,000 per share, and two series of warrants to purchase an aggregate of approximately 10.8 million shares of common stock at an exercise price of $2.30 per share. The Company expects to receive gross proceeds from the offering of $13.8 million. It is expected that approximately $6.3 million of the proceeds of the offering will be used to redeem 63,000 shares of Series B convertible preferred stock held by the healthcare dedicated institutional investor and the balance of the proceeds will be used for general working capital purposes.
