NeuroMetrix, Inc. (Nasdaq: NURO) announced that on the day after launching its crowdfunding campaign on Indiegogo, its product Quell has exceeded the $100,000 initial goal. The company reported preorders for over 500 Quell devices. Demand exceeded company projections and the initial offer sold out in less than 6-hours. The campaign, which was debuted Monday (March 2nd) and runs until April 1st, was developed to gauge consumer interest in Quell before it is launched later this year.
As previously reported, Frank McGillin, SVP and General Manager of Consumer Health at NeuroMetrix explained the campaign objective:
“We are new to the consumer wearable category and wanted to seek feedback from the Indiegogo community to help finalize the design and deliver 100% drug free pain relief to millions of people who suffer from chronic pain.”
Quell’s features include:
- 100% drug free
- Wearable light weight, slim design
- Doctor recommended
- Automatically adjusts to deliver optimal stimulation and relief
- FDA cleared for day and night
Quell is FDA cleared for treatment of chronic pain without a prescription. It uses NeuroMetrix’s proprietary, 100% drug-free, non-invasive neurostimulation technology to provide relief from chronic pain, such as due to diabetes, sciatica, fibromyalgia, and osteoarthritis. The advanced wearable device is lightweight and can be worn during the day while active, and at night while sleeping. Users of the device will also have the option of using their smartphone to automatically track and personalize their pain therapy.
Here’s how Quell works:
- The device stimulates sensory nerves
- Those sensory nerves carry neural pulses to the brain
- The neural pulses trigger a natural response that blocks pain signals throughout the body
- Then neural pulses trigger a natural response that blocks pain signals throughout your body
NeuroMetrix expects to start shipping product in Spring 2015. Quell will initially be available exclusively through doctor’s office and online.
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