electroCore Completes Acquisition of NeuroMetrix, Gaining Access to its Quell Platform, Creating Significant Player in Non-Invasive Bioelectronic Technologies
electroCore (NASDAQ: ECOR) has completed its merger with NeuroMetrix (NASDAQ: NURO), acquiring the Quell® Fibromyalgia Solution platform. The acquisition positions electroCore as a leading player in non-invasive bioelectronic technologies, expanding its portfolio in chronic pain and wellness markets. Under the merger terms, NURO shareholders received $4.49 per share in cash plus one contingent value right (CVR) tied to future Quell business sales milestones and proceeds from DPNCheck business disposition.
The strategic acquisition is expected to leverage electroCore's established distribution channels, particularly within the VA Hospital System, to accelerate Quell Fibromyalgia solution adoption. Following the merger completion, NeuroMetrix became an indirect wholly-owned subsidiary of electroCore, with NURO shares being delisted from Nasdaq on May 2, 2025.
electroCore (NASDAQ: ECOR) ha completato la fusione con NeuroMetrix (NASDAQ: NURO), acquisendo la piattaforma Quell® Fibromyalgia Solution. Questa acquisizione posiziona electroCore come uno dei protagonisti principali nelle tecnologie bioelettroniche non invasive, ampliando il suo portafoglio nei mercati del dolore cronico e del benessere. Secondo i termini della fusione, gli azionisti NURO hanno ricevuto 4,49 $ per azione in contanti più un diritto di valore contingente (CVR) legato a futuri traguardi di vendita della linea Quell e ai proventi derivanti dalla cessione del business DPNCheck.
L'acquisizione strategica mira a sfruttare i canali di distribuzione consolidati di electroCore, in particolare all'interno del sistema ospedaliero VA, per accelerare l'adozione della soluzione Quell per la fibromialgia. Dopo il completamento della fusione, NeuroMetrix è diventata una controllata indiretta e interamente posseduta da electroCore, con la conseguente cancellazione delle azioni NURO dal Nasdaq il 2 maggio 2025.
electroCore (NASDAQ: ECOR) ha completado su fusión con NeuroMetrix (NASDAQ: NURO), adquiriendo la plataforma Quell® Fibromyalgia Solution. Esta adquisición posiciona a electroCore como un actor destacado en tecnologías bioelectrónicas no invasivas, ampliando su portafolio en los mercados de dolor crónico y bienestar. Según los términos de la fusión, los accionistas de NURO recibieron 4,49 $ por acción en efectivo más un derecho de valor contingente (CVR) vinculado a futuros hitos de ventas del negocio Quell y a los ingresos de la disposición del negocio DPNCheck.
Se espera que esta adquisición estratégica aproveche los canales de distribución establecidos de electroCore, especialmente dentro del Sistema Hospitalario VA, para acelerar la adopción de la solución Quell para fibromialgia. Tras la finalización de la fusión, NeuroMetrix se convirtió en una subsidiaria indirecta y totalmente propiedad de electroCore, y las acciones de NURO fueron retiradas de Nasdaq el 2 de mayo de 2025.
electroCore (NASDAQ: ECOR)가 NeuroMetrix (NASDAQ: NURO)와의 합병을 완료하고 Quell® Fibromyalgia Solution 플랫폼을 인수했습니다. 이번 인수로 electroCore는 비침습적 바이오일렉트로닉 기술 분야의 선도주자로 자리매김하며 만성 통증 및 웰니스 시장에서 포트폴리오를 확장하게 되었습니다. 합병 조건에 따라 NURO 주주들은 주당 4.49달러 현금과 향후 Quell 사업 매출 목표 및 DPNCheck 사업 매각 수익에 연동된 조건부 가치 권리(CVR)를 받았습니다.
이번 전략적 인수는 특히 VA 병원 시스템 내에서 electroCore의 기존 유통 채널을 활용하여 Quell Fibromyalgia 솔루션의 도입 가속화를 기대하고 있습니다. 합병 완료 후 NeuroMetrix는 electroCore의 간접 완전 자회사가 되었으며, NURO 주식은 2025년 5월 2일 나스닥에서 상장 폐지되었습니다.
electroCore (NASDAQ : ECOR) a finalisé sa fusion avec NeuroMetrix (NASDAQ : NURO), acquérant ainsi la plateforme Quell® Fibromyalgia Solution. Cette acquisition positionne electroCore comme un acteur majeur des technologies bioélectroniques non invasives, élargissant son portefeuille dans les marchés de la douleur chronique et du bien-être. Selon les termes de la fusion, les actionnaires de NURO ont reçu 4,49 $ par action en espèces ainsi qu’un droit à une valeur conditionnelle (CVR) lié à des objectifs de ventes futurs pour la solution Quell et aux produits de la cession de l’activité DPNCheck.
Cette acquisition stratégique devrait permettre à electroCore de tirer parti de ses canaux de distribution établis, notamment au sein du système hospitalier VA, pour accélérer l’adoption de la solution Quell Fibromyalgia. Suite à la finalisation de la fusion, NeuroMetrix est devenue une filiale indirecte détenue à 100 % par electroCore, avec la radiation des actions NURO du Nasdaq le 2 mai 2025.
electroCore (NASDAQ: ECOR) hat die Fusion mit NeuroMetrix (NASDAQ: NURO) abgeschlossen und die Quell® Fibromyalgia Solution Plattform übernommen. Die Übernahme positioniert electroCore als führenden Anbieter nicht-invasiver bioelektronischer Technologien und erweitert das Portfolio im Bereich chronischer Schmerzen und Wellness. Gemäß den Fusionsbedingungen erhielten NURO-Aktionäre 4,49 $ pro Aktie in bar sowie ein bedingtes Wertrecht (CVR), das an zukünftige Verkaufsmeilensteine der Quell-Geschäfte und Erlöse aus der Veräußerung des DPNCheck-Geschäfts gekoppelt ist.
Die strategische Übernahme soll die etablierten Vertriebskanäle von electroCore, insbesondere im VA-Krankenhaussystem, nutzen, um die Einführung der Quell Fibromyalgia-Lösung zu beschleunigen. Nach Abschluss der Fusion wurde NeuroMetrix eine indirekt vollständig im Besitz von electroCore befindliche Tochtergesellschaft, und die NURO-Aktien wurden am 2. Mai 2025 von der Nasdaq gestrichen.
- Acquisition expands electroCore's portfolio of non-invasive bioelectronic therapies
- Strengthens commercial reach, particularly in VA Hospital System
- Increases addressable market for chronic pain and wellness treatments
- Creates diversification in non-pharmaceutical nerve stimulation offerings
- Cash payment of $4.49 per share impacts company's cash reserves
- Future contingent payments through CVRs create additional financial obligations
- Integration risks associated with merging two bioelectronic technology platforms
Insights
electroCore's acquisition of NeuroMetrix strengthens its position in non-invasive pain management through complementary technology and expanded VA system access.
The acquisition of NeuroMetrix adds significant strategic value to electroCore's bioelectronic technology portfolio. The Quell® Fibromyalgia Solution represents a FDA-cleared non-pharmaceutical approach to managing a specific chronic pain condition, perfectly complementing electroCore's existing neuromodulation technologies. This acquisition creates immediate diversification beyond electroCore's current offerings.
The transaction's most compelling aspect is the enhanced distribution capability, particularly within the VA Hospital System - a critical channel for non-invasive pain management solutions given the high prevalence of chronic pain conditions among veterans. This established distribution network should accelerate commercial adoption of the combined technology portfolio.
From a technological perspective, both companies' solutions share core principles of non-invasive nerve stimulation while targeting different neurological pathways and conditions. This complementary approach creates a more comprehensive platform for addressing various pain etiologies without pharmaceuticals or invasive procedures.
The bioelectronic medicine market continues gaining momentum as patients and providers increasingly seek alternatives to traditional pharmaceutical approaches, particularly for chronic conditions requiring long-term management. By consolidating these technologies under one corporate umbrella, electroCore has positioned itself as a more significant competitor in this growing space.
electroCore's acquisition of NeuroMetrix creates immediate portfolio diversification with structured payment terms that balance upfront value with performance incentives.
This transaction represents a well-structured acquisition that balances definitive value for NeuroMetrix shareholders while maintaining performance incentives through the contingent value rights mechanism. The deal terms -
The acquisition immediately transforms electroCore's market position by diversifying its product portfolio and expanding its addressable market in chronic pain management. The explicit mention of leveraging established distribution channels, particularly within the VA Hospital System, indicates clear commercial synergies that could accelerate revenue growth for the combined entity.
For NeuroMetrix shareholders, the transaction provides guaranteed liquidity at a defined valuation while maintaining upside exposure through the CVR structure. This balanced approach effectively shares risk and reward between both companies' stakeholders.
From a strategic positioning perspective, this consolidation creates a more comprehensive bioelectronic medicine platform with multiple FDA-cleared technologies addressing different patient populations and indications. The transaction reflects industry consolidation trends where complementary technologies are being combined to create stronger competitive positions and operational efficiencies.
While financial projections aren't specified, the enhanced scale and diversification should strengthen electroCore's market presence in the growing non-invasive neuromodulation sector.
Addition of Quell® Platform Broadens electroCore’s Bioelectronic Technology Portfolio and Accelerates Growth in Chronic Pain and Wellness Markets
ROCKAWAY, N.J., May 02, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (“ECOR,” “electroCore,” or the “Company”) (Nasdaq: ECOR), a commercial-stage bioelectronic technology company, announced today the completion of the merger (the “Merger”) with NeuroMetrix, Inc. (“NeuroMetrix” or “NURO”) (Nasdaq: NURO), positioning itself as a diversified leader in non-invasive health and wellness solutions.
The acquisition of NeuroMetrix’s Quell® Fibromyalgia Solution expands electroCore’s portfolio of non-invasive bioelectronic therapies, strengthens its commercial reach — particularly within the VA Hospital System — and is expected to meaningfully increase its addressable market for the treatment of chronic pain and wellness conditions.
Dan Goldberger, CEO of electroCore, Inc. commented, "With this transaction now closed, we are well-positioned to immediately leverage our established distribution channels, particularly within the VA Hospital System, to accelerate adoption of the Quell Fibromyalgia solution. This addition meaningfully expands our addressable market and diversifies our portfolio of non-pharmaceutical, non-invasive nerve stimulation offerings, strengthening electroCore’s position as a leading publicly traded bioelectronic technology platform focused on wellness and chronic pain management."
Under the terms of the Merger Agreement dated December 17, 2024 and approved by NeuroMetrix’s stockholders at a Special Meeting held on March 21, 2025:
- Each share of NURO common stock, outstanding immediately prior to the closing was converted into the right to receive (i) a cash payment of
$4.49 per share and (ii) one contingent value right (CVR). - The CVRs entitle holders to contingent cash payments based on the achievement of certain sales milestones tied to the Quell business as well as future proceeds from the disposition of NURO’s DPNCheck business, subject to the terms outlined in the CVR agreement dated May 1, 2025.
As a result of the Merger, NeuroMetrix became an indirect wholly-owned subsidiary of electroCore, and NURO’s shares will be de-listed from the Nasdaq Capital Market prior to the opening of trading on May 2, 2025.
Additional information on the transaction can be found in a Current Report on Form 8-K filed by electroCore, Inc. with the SEC.
About electroCore, Inc.
electroCore, Inc. and its subsidiaries are a commercial stage bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. For more information, visit www.electrocore.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, including under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of the merger with NeuroMetrix, Inc., electroCore's business prospects, its product portfolio or potential markets for its technologies, and other statements that are not historical in nature, particularly those using terminology such as "anticipates," "expects," "believes," "intends," other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to obtain additional financing necessary to continue electroCore's business, sales and marketing and product development plans, the uncertainties inherent in the development of new products or technologies, the ability to successfully commercialize nVNS products, competition in the industry in which electroCore operates and general market conditions. Important risk factors that may cause such a difference include, but are not limited to: (i) the anticipated tax treatment of the transaction may not be obtained, (ii) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the businesses of NeuroMetrix and electroCore after the consummation of the transactions, (iii) potential litigation relating to the proposed transaction that could be instituted against the parties or their respective directors, (iv) potential adverse reactions or changes to business relationships resulting from the completion of the transactions, (v) any negative effects of the consummation of the transactions on the market price of electroCore’s common stock and on their businesses or operating results, (vi) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction, (vii) the risks and costs associated with the integration of, and the ability of electroCore to integrate the Quell business successfully, (viii) the risk that disruptions from the proposed transaction will harm the parties’ respective business, including current plans and operations, (ix) the ability of electroCore or NeuroMetrix to retain and hire key personnel and uncertainties arising from any business or leadership changes, (x) legislative, regulatory and economic developments, and (xi) the other risks described in electroCore’s or NeuroMetrix’s most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. No listing of risk factors should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on electroCore’s or NeuroMetrix’s consolidated financial condition, results of operations, or liquidity. All forward-looking statements are made as of the date of this press release, and electroCore undertakes no obligation to update forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Contact
ECOR Investor Relations
(973) 302-9253
investors@electrocore.com
FAQ
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