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NeuroMetrix receives $3.8M milestone payment from GSK; shares up 2%

Published 08/21/2018, 03:13 PM
Updated 08/21/2018, 03:13 PM
© Reuters.  NeuroMetrix receives $3.8M milestone payment from GSK; shares up 2%
  • Thinly traded nano cap NeuroMetrix (NURO +2.3%) is up on more than double normal volume, albeit on turnover of only 492K shares, on the heels of its announcement that it has received a $3.8M milestone payment from licensee GlaxoSmithKline (GSK +0.6%), the second such payment under their January 2018 agreement.
  • Under the terms of the contract, GSK owns exclusive ex-U.S. rights to the Quell technology in exchange for a $5M upfront payment and up to $21.5M in development and commercialization milestones. Starting in 2019, the companies will co-fund the development of Quell for an initial two-year period.
  • Now read: GlaxoSmithKline Achieves Successful 2-Drug Regimen Studies For HIV, Gilead Might Have Met Its Match


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