WALTHAM, Mass.--(BUSINESS WIRE)--NeuroMetrix, Inc. (Nasdaq: NURO), a medical device company advancing patient care through the development and marketing of innovative products used to diagnose and treat diseases of the nervous system, neurovascular disorders, and pain, announced today that it has acquired substantially all of the assets of EyeTel Imaging, Inc. (“EyeTel”) and has assumed certain specified liabilities in connection with the acquisition. The purchase price consisted of 1,050,295 newly issued shares of common stock of NeuroMetrix, with a value of approximately $9.9 million as of the closing of the acquisition, and $175,000 in cash. NeuroMetrix originally obtained an exclusive license to commercialize EyeTel’s DigiScope® throughout the physician office market in October 2006 and has been marketing the product since early 2007. With this acquisition, NeuroMetrix will own all EyeTel intellectual property, including an exclusive worldwide license with Johns Hopkins University, for the DigiScope. Furthermore, the acquisition secures all commercialization rights to the DigiScope which includes both the physician office market and an expanded opportunity in the eye specialist market, comprised primarily of vision centers supervised by optometrists. It is anticipated that the acquisition of EyeTel will provide an opportunity to significantly improve the gross margins realized by NeuroMetrix on sales of the DigiScope.
