NeuroMetrix,
Inc. (Nasdaq: NURO), a medical device company focused on the
treatment and management of chronic pain, peripheral neuropathies, and
related neurological disorders, today announced that it has appointed
David Van Avermaete to its Board of Directors.
Mr. Van Avermaete has over 30 years of experience in medical devices,
including 22 years in the diabetes field, with specific expertise in
consumer healthcare marketing and sales, including retail/pharmacy
distribution, large scale customer service, physician recommendations
and hospital-based marketing. He is a former US president of the
LifeScan division of Johnson & Johnson who, during his 13 year tenure,
grew annual sales from under $100 million to over $1.0B developing the
business into one of J&J's most successful and profitable
consumer/professional healthcare divisions. More recently, he was the
founder and CEO of VeraLight, a medical device company established in
2004 to focus on non-invasive screening for type 2 diabetes, and
recently sold to Miraculins, Inc. Mr. Van Avermaete has also held
leadership positions in sales and marketing with several device
companies including Biotope, Roche Diagnostics, and Syntex Medical
Diagnostics. Mr. Van Avermaete holds a Master of Business Administration
and a Master of Science Degree in Microbiology from the University of
Arizona and a Bachelor of Science Degree in medical technology and
chemistry from Ball State University.
"I believe SENSUS™ represents breakthrough technology in
pain management that, among other things, will provide relief for the
millions of people with diabetes who suffer from painful diabetic
neuropathy,” said David Van Avermaete. “I am excited to be joining the
team at NeuroMetrix in order to help them leverage this innovation into
commercial success.”
“David has a broad and deep business background, and brings a wealth of
commercial experience in the diabetes sector at a time when it will be
most valuable to our company,” said Shai N. Gozani M.D., Ph.D.,
NeuroMetrix President and Chief Executive Officer. “We are pleased to
have him join our Board of Directors and look forward to his
contributions as we grow NeuroMetrix.”
The Company granted to Mr. Van Avermaete an inducement stock option to
purchase 10,000 shares of NeuroMetrix common stock at an exercise price
per share of $1.55, the fair market value of the underlying shares on
the grant date. The stock option has a maximum term of ten years and
vests as to 25% of the underlying shares on the first anniversary of the
grant date and as to 6.25% of the underlying shares quarterly
thereafter. It will be fully vested on the fourth anniversary of the
grant date, subject to Mr. Van Avermaete’s continued service to
NeuroMetrix. The stock option was granted as an inducement material to
Mr. Van Avermaete to join the Board of Directors as contemplated by
NASDAQ Listing Rule 5635(c)(4).
About NeuroMetrix
NeuroMetrix is a medical device company that develops and markets home
use and point-of-care devices for the treatment and management of
chronic pain, peripheral neuropathies, and associated neurological
disorders. The Company is presently focused on diabetic neuropathies,
which affect over 50% of people with diabetes. If left untreated,
diabetic neuropathies trigger foot ulcers that may require amputation
and cause disabling chronic pain. The annual cost of diabetic
neuropathies has been estimated at $14 billion in the United States. The
company markets the SENSUS™ Pain Management System for
treating chronic pain, focusing on physicians managing patients with
painful diabetic neuropathy. The company also markets the DPNCheck® device,
which is a rapid, accurate, and quantitative point-of-care test for
diabetic neuropathy. This product is used to detect diabetic neuropathy
at an early stage and to guide treatment. For more information, please
visit http://www.neurometrix.com.
Copyright Business Wire 2013