WALTHAM, Mass.--(BUSINESS WIRE)--
Inc. (Nasdaq: NURO), today announced that it has appointed Frank
McGillin as Senior Vice President and General Manager, Consumer. Mr.
McGillin will be responsible for development of a consumer healthcare
business built on the Company’s wearable therapeutic technology for
treatment of chronic pain which was recently cleared by the FDA for
over-the-counter use without a prescription requirement.
The Company is in late stage development of a consumer oriented chronic
pain treatment product. The device is based on wearable technology,
presently deployed in the Company’s SENSUS® Pain Management
System, which utilizes comfortable, non-invasive electrical stimulation
of sensory nerves to induce safe and effective pain relief. It is
lightweight and can be worn during the day while active, and at night
while sleeping. The Company plans to market the over-the-counter device,
under Mr. McGillin’s direction, through retail distribution channels.
Mr. McGillin brings to the company over 20 years experience building
successful, high-growth consumer brands most recently at Philips Oral
Healthcare and at Johnson & Johnson. At Philips he was responsible for
building the global oral care business of Sonicare to become the #1
brand in the nearly $1 billion dollar US power toothbrush market. During
his career he has launched over 50 new products and product upgrades and
managed businesses across markets including diagnostic imaging,
healthcare informatics, medical devices, dental and consumer technology.
He holds an MBA degree from Fordham University and a BS degree from
“Frank’s business background is highly relevant to our consumer
healthcare goals and the timing of his appointment is ideal,” said Shai
N. Gozani M.D., Ph.D., NeuroMetrix President and Chief Executive
Officer. “His immediate priorities will be development of our commercial
strategy and extensive involvement in our ongoing product development
program. These combined efforts target the launch of our first consumer
wearable therapeutic device during 2015. We are very pleased to have
Frank on board.”
In connection with his appointment, the Company granted Mr. McGillin an
inducement stock option to purchase 200,000 shares of NeuroMetrix common
stock at an exercise price per share of $1.88, the fair market value of
the underlying shares on the grant date of August 25, 2014. The award
was approved by the Compensation Committee of the Board of Directors
subject to Mr. McGillin’s commencement of employment with the Company.
The stock option has a maximum term of ten years and vests as to 25% of
the underlying shares on the first anniversary of the grant date and as
to 6.25% of the underlying shares quarterly thereafter. It will be fully
vested on the fourth anniversary of the grant date, subject to Mr.
McGillin’s continued employment with NeuroMetrix. The stock option was
granted pursuant to the Company’s Amended and Restated 2009
Non-Qualified Inducement Stock Plan as an inducement material to Mr.
McGillin’s decision to enter into employment with the Company as
contemplated by NASDAQ Listing Rule 5635(c)(4).
NeuroMetrix is an innovative health-care company that develops wearable
medical technology and point-of-care tests that help patients and
physicians better manage chronic pain, nerve diseases, and sleep
disorders. The Company has a major focus on diabetic neuropathies, which
affect over 50% of people with diabetes. If left untreated, diabetic
neuropathies trigger foot ulcers that may require amputation and cause
disabling chronic pain. The annual cost of diabetic neuropathies has
been estimated at $14 billion in the United States. The Company markets
the SENSUS device for treating chronic pain, focusing on physicians
managing patients with neuropathic pain such as painful diabetic
neuropathy. The Company also markets DPNCheck®, which is a
rapid, accurate, and quantitative point-of-care test for peripheral
neuropathies such as diabetic neuropathy. This product is used to detect
neuropathies at an early stage and to guide treatment. For more
information, please visit http://www.SENSUSRx.com
Thomas T. Higgins, 781-314-2761
Chief Financial Officer
Source: NeuroMetrix, Inc.