ElectroCore, a company listed on the Nasdaq under the ticker ECOR, has announced its intentions to purchase NeuroMetrix, also traded on Nasdaq under NURO, along with its Quell neuromodulation technology.
About the Quell Platform:
NeuroMetrix has developed the Quell system—a wearable technology enhanced by both app and cloud components. This platform is designed to address symptoms related to fibromyalgia and chronic pain in the lower extremities. Additionally, NeuroMetrix provides DPNCheck, a diagnostic tool for peripheral neuropathy, though ElectroCore anticipates this will be sold off before the acquisition is finalized.
Transaction Details:
By this agreement, NeuroMetrix is set to become a wholly-owned division of ElectroCore. Shai N. Gozani, Chair and CEO, articulated that this step “represents the culmination” of a comprehensive strategic review initiated in February. He highlighted that this decision “signals a positive outcome for the company’s shareholders.”
Strategic Benefits:
ElectroCore views this acquisition as a significant step towards amplifying its role within the bioelectronic wellness industry. The purchase enhances their range of non-invasive therapeutic offerings for health and wellness, along with boosting technological capabilities via the Quell mobile application and cloud.
NeuroMetrix disclosed that the deal received unanimous approval from the boards of both companies, with the finalization targeted for the close of Q1 2025.
Dan Goldberger, ElectroCore’s CEO, expressed confidence in leveraging their robust distribution networks, especially through the Veteran Affairs Hospital System, to boost the adoption of the Quell fibromyalgia solution. Goldberger noted, “NeuroMetrix has dedicated years to the development of the Quell commercial asset, while ElectroCore has built a strong presence in both prescription and direct-to-consumer nerve stimulation solutions. This acquisition will broaden our market reach and diversify our non-pharmaceutical, non-invasive nerve stimulation portfolio.”
By acquiring NeuroMetrix, ElectroCore is poised to emerge as the leading publicly traded entity in the neuromodulation sector with a focus on wellness and chronic pain management.