NeuroMetrix will sell hundreds of wearable pain-relief devices through an unusual platform for a publicly traded company: the crowdfunding website Indiegogo.
Typically, Indiegogo is used by small-scale innovators looking to get a project off the ground. NeuroMetrix, a Waltham company, has stock that’s traded on the Nasdaq market and is worth about $13.4 million. The stock closed at $1.64 on Monday, up 1 percent.
Its over-the-counter product, the Quell, uses electrical pulses to trigger the release of pain-relieving endorphins and enkephalins by the brain. It might sound unusual, but it’s simply a consumer application of a nonaddictive therapy used by doctors that’s called transcutaneal electrical nerve stimulation, or TENS.
According to the product’s Indiegogo page, 1,000 devices will be made available to the site starting at $199 each, with some being sold as bundles. McGillin said the goal is to sell at least 500 of them. By 1 p.m. Monday, 279 devices had been sold.
If demand outstrips the company’s present manufacturing capacity, McGillin said, “that would be a good problem to have.”
Shipments of the Quell begin this spring, McGillin said, and it will initially only be available online and through doctors’ offices.
The company has said that the device will be made in West Bridgewater.