NeuroMetrix announces that over 2000 patients with fibromyalgia have been prescribed Quell® Fibromyalgia
- Over 2000 fibromyalgia patients prescribed Quell Fibromyalgia since its commercial launch in December 2022.
- Positive response from providers towards Quell Fibromyalgia during the strategic launch phase.
- Quell Fibromyalgia offers a medication-free, safe, and effective treatment option for fibromyalgia patients.
- Dr. Anjuli Desai and Dr. Jeremy Adler commend the benefits of Quell Fibromyalgia in managing fibromyalgia symptoms.
- The device is indicated for reducing fibromyalgia symptoms in adults with high pain sensitivity and can be used during sleep.
- None.
Insights
The introduction of Quell Fibromyalgia by NeuroMetrix represents a significant advancement in the management of fibromyalgia, a chronic condition characterized by widespread pain and fatigue. The adoption rate, with over 2000 patients prescribed the device within three months, indicates a strong market demand and potential for growth in this sector. From a medical research perspective, the device's ability to aid in symptom reduction without medication is noteworthy, given the limited treatment options for fibromyalgia that are both effective and devoid of severe side effects.
It is important to consider the clinical data supporting the device's efficacy and safety, as these factors will play a crucial role in its continued adoption by healthcare providers. The long-term impact on healthcare costs could be substantial if the device reduces the need for pharmacological treatments, which often come with higher costs and potential side effects. Additionally, the ability to use the device during sleep could improve patient compliance and quality of life, further solidifying its position in the market.
NeuroMetrix's strategic commercial launch of Quell Fibromyalgia aligns with a broader industry trend towards non-pharmacological interventions in healthcare. The device's market potential is reinforced by the growing emphasis on patient-centered care and the management of chronic pain conditions. As a transcutaneous electrical nerve stimulation (TENS) device, Quell Fibromyalgia enters a competitive landscape where differentiation is key. Its prescription-only status, as dictated by the FDA, ensures a controlled distribution channel that could benefit NeuroMetrix in terms of pricing power and market positioning.
Investors should monitor the company's ability to scale production and distribution to meet potential demand, as well as its marketing strategies to increase awareness among healthcare providers and patients. The regulatory environment, including insurance coverage for TENS devices, will also be a critical factor in determining the financial success of the product. A shift in payer policies to favor non-drug therapies could significantly enhance the product's profitability.
The early adoption figures for Quell Fibromyalgia suggest a positive revenue trajectory for NeuroMetrix. Given that the device has only been in the market for a short period, the reported figures may reflect pent-up demand or an effective initial marketing campaign. Future financial performance will depend on sustained adoption rates and the potential for repeat purchases or consumables associated with the device.
Analyzing the company's financials, including R&D expenses and sales and marketing costs, will be crucial in assessing the long-term profitability of Quell Fibromyalgia. Investors should also consider the company's cash flow and capital allocation, especially in light of the need for ongoing investment in clinical studies to support the efficacy claims and potential expansion into international markets. The impact of this product on the company's stock could be substantial if it becomes a standard of care for fibromyalgia treatment and captures a significant share of the market.
WOBURN, Mass., March 13, 2024 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (NASDAQ: NURO) today announced that over 2000 fibromyalgia patients have been prescribed Quell Fibromyalgia since its strategic commercial launch in December 2022.
“We have been pleased by the positive response to Quell Fibromyalgia from providers taking care of patients with fibromyalgia during our strategic launch phase,” said Shai N. Gozani, M.D., Ph.D., Chief Executive Officer of NeuroMetrix. “This early adoption affirms the need for novel clinical options to support fibromyalgia patients.”
Dr. Anjuli Desai, dual board certified in Pain Medicine and Physical Medicine and Rehabilitation, commented, "Quell Fibromyalgia has been the treatment option that I have been awaiting for fibromyalgia. It offers me a medication free, safe and effective treatment for a chronic condition that has proven to be a challenge to manage in the past.”
Dr. Jeremy Adler, COO of Pacific Pain Medicine Consultants, stated that “For patients with Fibromyalgia, navigating treatments can be overwhelming, costly and carry significant side effects. It is great to have a non-medication option, backed by data, that may provide needed relief. In my practice, we have even had some patients report they were able to reduce pain with Quell Fibromyalgia that medications have never helped before."
Quell Fibromyalgia Indications
Quell Fibromyalgia is a transcutaneous electrical nerve stimulation (TENS) device indicated as an aid for reducing the symptoms of fibromyalgia in adults with high pain sensitivity. The device may be used during sleep.
Limitations
The sale, distribution, and use of Quell Fibromyalgia is restricted to prescription use in accordance with 21 CFR 801.109. The Product labeling should be reviewed for a complete list of contraindications, precautions and warnings. For more information visit QuellFibromyalgia.com.
About Quell
Quell is an advanced, non-invasive, neuromodulation platform that is covered by 27 issued U.S. utility patents. It is the only wearable neuromodulator that is enabled by a proprietary microchip to provide precise, high-power nerve stimulation in a form factor the size of a credit card. Quell utilizes position and motion sensing to automatically adjust stimulation for an optimal user experience both day and night. The device supports Bluetooth® low energy (BLE) to communicate with mobile apps and the Quell Health Cloud. Quell is indicated to help reduce fibromyalgia symptoms in patients with high pain sensitivity and to reduce lower extremity chronic pain.
About NeuroMetrix
NeuroMetrix is a commercial stage healthcare company that develops and commercializes neurotechnology devices to address unmet needs in the chronic pain and diabetes markets. The Company's products are wearable or hand-held medical devices enabled by proprietary consumables and software solutions that include mobile apps, enterprise software and cloud-based systems. The Company has two commercial brands. Quell® is a wearable neuromodulation platform. DPNCheck® is a point-of-care screening test for peripheral neuropathy. For more information, visit www.neurometrix.com.
Source: NeuroMetrix, Inc.
Thomas T. Higgins
SVP and Chief Financial Officer
neurometrix.ir@neurometrix.com
FAQ
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