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news.NeuroMetrix has acquired substantially all of the assets of EyeTel Imaging and has assumed certain specified liabilities in connection with the acquisition.
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The purchase price consisted of 1.05 million newly issued shares of common stock of NeuroMetrix, with a value of approximately $9.9 million as of the closing of the acquisition, and $175,000 in cash.
NeuroMetrix originally obtained an exclusive license to commercialize EyeTel’s DigiScope in October 2006 and has been marketing the product since early 2007. With this acquisition, NeuroMetrix will own all EyeTel intellectual property, including an exclusive worldwide license with Johns Hopkins University, for the DigiScope.
Shai Gozani, NeuroMetrix president and CEO, commented: “We believe that the acquisition of EyeTel is consistent with the long-term vision of our company. The DigiScope represents an important diagnostic tool for physicians and optometrists in that it enables them to increase compliance with annual eye exams among patients with diabetes. This effort to detect diabetic retinopathy in physician offices and vision centers addresses a critical need among patients with diabetes and has the potential to help reduce diabetes-related blindness through earlier detection.”