NeuroMetrix (NSDQ:NURO) said this week that it reeled in a $3.8 million milestone payment from its collaboration with GlaxoSmithKline‘s (NYSE:GSK) consumer healthcare unit.
The strategic deal between the two groups was first announced in January this year. According to the terms of the deal, GSK acquired exclusive ownership of NeuroMetrix’s Quell pain-relief device outside the U.S., in exchange for $5 million upfront and up to $21.5 million in milestone payments.
NeuroMetrix and GSK also plan to co-fund product development for Quell for two years starting in 2019.
NeuroMetrix’s Quell wearable device is designed to treat chronic pain. The system can be worn during the day and night, according to the company, and has been shown in clinical trials to relieve chronic pain. Users can track and manage their treatment with the Quell app, which synchronizes to the cloud to provide customized feedback.
