NeuroMetrix Announces One-for-Six Reverse Stock Split

  NeuroMetrix Announces One-for-Six Reverse Stock Split

    Shares of Common Stock Will Begin Trading on a Split-Adjusted Basis on
                              February 19, 2013

Business Wire

WALTHAM, Mass. -- February 15, 2013

NeuroMetrix, Inc. (Nasdaq: NURO), a medical device company focused on the
diagnosis and treatment of the neurological complications of diabetes, today
announced the effectiveness of a one-for-six reverse stock split of its common
stock.The reverse stock split, which was previously approved by the Company’s
shareholders at a Special Meeting of Stockholders held on December 7, 2012,
was approved by the Company’s Board of Directors on February 14, 2013.

The reverse stock split is intended to increase the per share trading price of
the Company’s common stock to satisfy the $1.00 minimum bid price requirement
for continued listing on the NASDAQ Capital Market.As a result of the reverse
stock split, every six shares of the Company’s common stock issued and
outstanding prior to the opening of trading on February 19, 2013 will be
consolidated into one issued and outstanding share, with no change in the
nominal par value per share of $0.0001.No fractional shares will be issued as
a result of the reverse stock split. Shareholders who otherwise would be
entitled to receive a fractional share in connection with the reverse stock
split will receive a cash payment in lieu thereof.

Trading of the Company’s common stock on the NASDAQ Capital Market will
continue, on a split-adjusted basis, with the opening of the markets on
Tuesday, February 19, 2013, under new CUSIP number 641255 302.Shares of the
Company’s common stock will trade under the symbol “NUROD” for a period of 20
trading days, to designate that it is trading on a post-reverse split
basis.The common shares will resume trading under the symbol “NURO” after
that 20-day period.Immediately subsequent to the reverse stock split, there
will be approximately 2,140,871of the Company’s common shares issued and
outstanding.

The Company has retained its transfer agent, American Stock Transfer & Trust
Company, LLC (“AST”), to act as its exchange agent for the reverse split.AST
will provide shareholders of record as of the effective date a letter of
transmittal providing instructions for the exchange of their
certificates.Shareholders owning shares via a broker or other nominee will
have their positions automaticallyadjusted to reflect the reverse stock
split, subject to brokers’ particular processes, and will not be required to
take any action in connection with the reverse stock split.

For more information regarding the Company’s reverse stock split, please refer
to the proxy statement filed by the Company with the Securities and Exchange
Commission on Schedule 14A on October 25, 2012.

About NeuroMetrix

NeuroMetrixis an innovative medical device company that develops and markets
home use and point-of-care devices for the treatment and management of
diabetic neuropathies, which affect over 50% of people with diabetes. If left
untreated, diabetic neuropathies trigger foot ulcers that may require
amputation, cause disabling chronic pain, and increase the risk of falling in
the elderly. The annual cost of diabetic neuropathies has been estimated
at$14 billioninthe United States. The company’s products are used by
physicians and managed care organizations to optimize patient care and reduce
healthcare costs. The company markets the NC-stat®DPNCheck™device, which is
a rapid, accurate, and quantitative point-of-care test for diabetic
neuropathy. This product is used to detect diabetic neuropathy at an early
stage and to guide treatment. The company also markets the SENSUS™ Pain
Management System for treating chronic pain, focusing on physicians managing
patients with painful diabetic neuropathy. The company has additional
therapeutic products in its pipeline. For more information, please visit
http://www.neurometrix.com.

Safe Harbor Statement

The statements contained in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
including, without limitation, statements regarding the company’s or
management’s expectations relating to the adoption of NC-stat DPNCheck and
SENSUS, our ability to build a successful business focused on diabetic
peripheral neuropathy, and our hope of expanding our commercial sales channel
of our diabetic neuropathy products. While the company believes the
forward-looking statements contained in this press release are accurate, there
are a number of factors that could cause actual events or results to differ
materially from those indicated by such forward-looking statements, including,
without limitation, our estimates of future performance, and our ability to
successfully develop, receive regulatory clearance or approval, commercialize
and achieve market acceptance for any of our products. There can be no
assurance that future developments will be those that the company has
anticipated. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks, uncertainties and
factors referred to in the company’s most recent Annual Report on Form 10-K as
well as other documents that may be filed from time to time with the
Securities and Exchange Commission or otherwise made public. The company is
providing the information in this press release only as of the date hereof,
and expressly disclaims any intent or obligation to update the information
included in this press release or revise any forward-looking statements.

Contact:

NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
Chief Financial Officer
neurometrix.ir@neurometrix.com
 
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