WALTHAM, Mass.--(BUSINESS WIRE)--NeuroMetrix, Inc. (Nasdaq: NURO), a medical device company focused on the diagnosis and treatment of the neurological complications of diabetes, reported that it had received notice from The NASDAQ Stock Market indicating that the closing bid price for its common stock for the last 30 consecutive business days was below the minimum $1.00 per share required for continued inclusion on The Nasdaq Capital Market. NeuroMetrix will have 180 calendar days, or until September 18, 2012, to regain compliance with the minimum bid rule. To regain compliance, its common stock must maintain a closing bid price of at least $1.00 per share for ten consecutive business days. The NASDAQ letter has no effect at this time on the listing of the Company’s common stock on The Nasdaq Capital Market.
“Our recent $8.5M public offering caused an increase in the daily trading volume of our stock as well as downward pressure on the stock price,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer, NeuroMetrix. “We intend to demonstrate progress in our diabetes focused business plan, particularly for our commercial diagnostic product, NC-stat® DPNCheck™, and for our therapeutic device under development, SENSUS™. We believe this will improve investor confidence and increase the market valuation of our common stock.”
NeuroMetrix is a medical device company focused on the diagnosis and treatment of the neurological complications of diabetes. The Company currently markets products for the detection, diagnosis, and monitoring of diabetic neuropathies such as diabetic peripheral neuropathy and median neuropathy (carpal tunnel syndrome). For more information, please visit http://www.neurometrix.com.