ainept.com/news-releases/albany-biotech-signs-exclusive-worldwide-sales-agreement-with-neurometix/ NeuroMetrix, Inc. (Neurometrix) is a late-stage biotechnology company that has successfully created and entered into clinical trials an antibody, NBI-98854, for the treatment of neuropathic pain. The company has completed a phase 2 clinical trial in patients with severe osteoarthritis, rheumatoid arthritis, and other chronic pain syndromes. NeuroMetrix also has one of the most advanced lead compounds, LSN249311, in development for the treatment of neuropathic pain, which is being developed in collaboration with a major pharmaceutical company.Neurometrix is currently engaged in preclinical research and development. During this critical development phase, the company is seeking partnerships to secure resources and capital in order to advance these promising drug candidates into Phase 1 and Phase 2 clinical trials, respectively. NeuroMetrix is committed to finding additional strategic partners to accelerate the development of its pipeline of drug candidates for the treatment of neuropathic pain.Neurometrix has also developed a significant pipeline of drug candidates, which includes NBI-98854 (formerly NN-2368) as well as LSN249311.NBI-98854 is a monoclonal antibody, and is the central player in Neurometrix's product development plan. NeuroMetrix has successfully completed a Phase 2a trial with this compound for the treatment of peripheral neuropathic pain.Neurometrix is also developing LSN249311, which is a small molecule, as a stand-alone candidate for the treatment of neuropathic pain. This clinical trial program will be jointly funded by pharmaceutical companies, as well as philanthropic investors.Neurometrix is working with one major pharmaceutical company to advance the development of this compound. A partnership with an interested pharmaceutical company would accelerate this program.Further development of these product candidates will require significant additional capital, and the Neurometrix management team has secured a private capital source for this purpose. Neurometrix has also signed an exclusive sales agreement with Dr. Richard Friedman, DPhil, an expert in the pain field who has a successful track record of developing and commercializing novel analgesics. Dr. Friedman has agreed to invest in the research and development of NeuroMetrix's product candidates with a view to the production of a profit after the successful development and commercialization of the products, once they are ready to enter the marketplace.Dr. Friedman's expertise will enable NeuroMetrix to focus on the production of novel compounds that can advance the treatment of neuropathic pain by targeting specific nerve receptors.In the coming months, the Neurometrix management team will be engaging key members of the biotechnology industry to help secure funds to finance the advancement of the company's pipeline of product candidates through clinical trials.Neurometrix is in the process of building additional sales channels to fund the research and development of its pipeline of product candidates, as well as securing a partner to fund the commercialization of the products. The company believes it will be able to fund and complete these tasks within a year.This investment is intended to be a long term, strategic investment, in which the investor can earn a return. This investment will generate revenue and profits. This investment will be used to secure the development and production of the following products: (1) a small molecule, LSN249311, for the treatment of neuropathic pain; and (2) a monoclonal antibody, NBI-98854, for the treatment of neuropathic pain. This development program is intended to lead to products that could be commercially sold within two to three years after successful completion of preclinical development. Neurometrix believes that LSN249311 will prove to be an effective neuropathic pain treatment, and therefore it is possible that the compound may be sold prior to NeuroMetrix generating profits, as revenue may be generated at any time throughout the development program. The company believes that sales of this compound will depend on additional research and development being completed. NBI-98854, a monoclonal antibody, is not expected to generate significant revenue, as it will be difficult to compete with existing market leaders. However, the product may be used as part of a novel combination treatment, and thus may be used to generate revenues at the end of the development program.NBI-98854 has been shown to reduce neuropathic pain in a Phase 2a clinical trial. This compound is produced by NeuroMetrix, and is known as “NN-2368.” The compound has been granted a U.S. patent by the U.S. Department of the Interior and United States Patent & Trademark Office (USPTO) for the treatment of peripheral neuropathic pain (U.S. Patent number 6,716,895 B1).This technology and product was discovered through the work of Dr. Jonathan F. Kipnes at the University of California, Los Angeles (UCLA). Neurometrix licensed this technology from UCLA in 2002, and it filed an IND with the FDA on this technology in 2006.This research and development transaction provides a strong financial mechanism by which Neurometrix will fund its ongoing research and development for its product candidates. In addition to the exclusive sales agreement with Dr. Kipnes, Neurometrix will use the proceeds to continue to advance its technologies to clinical trials, and thereby enhance the potential of the company to secure multiple partnerships for the development of its product candidates. This arrangement will also provide NeuroMetrix with the financial security and backing needed to secure additional clinical trials and to fully develop its promising pipeline of product candidates for the treatment of neuropathic pain.The investors who have invested in this round include: Dr. Kipnes, who has been appointed as the Chief Technology Officer of NeuroMetrix.Dr. Kipnes has recently been awarded the NIH Director's Transformative Research Award for his research in pain studies. This award was one of only a few awarded to scientists in the pain field, and his research in pain will focus on the discovery and development of novel treatment options for pain. He has agreed to work full time on Neurometrix's product candidates to secure this technology to clinical trials and ultimately to production of the product, as described above.The round also includes a number of accredited investors, including Richard B. Friedman, DPhil, a seasoned pain researcher who has successfully commercialized products to treat many diseases of the eye.He is a specialist in the field of pain and has been working extensively with Dr. Kipnes to develop and commercialize compounds for the treatment of neuropathic pain. He has agreed to commit capital to Neurometrix on terms which will be satisfactory to the company's management team. Dr. Friedman will also take an active role in developing the company's science strategy and overall management of the company. He will work as part of the Neurometrix management team to develop the company's strategic plan and to take the company to its next stage of growth. The company's management team is excited to be working with Dr. Friedman, and believes that their expertise will be instrumental in furthering the company's product development.Neurometrix was founded in 2006 by Dr. Eric Toth, an eminent pain researcher. Dr. Toth's efforts have been focused primarily on the development of analgesic drug candidates.Dr. Toth has agreed to become a full time employee of NeuroMetrix to help develop this product and science programs. He will be responsible for the management of clinical trials and for securing additional trials with government agencies for the product candidates that the company has identified. The company plans to develop, produce, and market this product within two years of receiving adequate funds to support the project. NeuroMetrix plans to initially target neuropathic pain, as it is in the early stages of testing and development.Dr. Toth will also continue his efforts to develop a novel treatment for the intractable chronic pain of amputation. The company will also work with the investors and management team to work on additional pain candidates which can be commercialized as part of this agreement.Dr. Paul A. Gragard, Ph.D., will serve as a consultant for NeuroMetrix and will provide additional clinical trial resources in his specialty area of pain, which is chronic.Dr. Robert C. Maul, Jr., MD, has agreed to work on the development of the compound, LSN249311, which he has developed as an analgesic. Dr. Maul has expertise in the fields of pain and drug development.Dr. Gragard has more than 20 years of experience in pain medicine and is an experienced clinician and scientist working on several pain projects. He has spent many years developing several new analgesics and now works to develop and commercialize compounds for the treatment of pain.Dr. Gragard has been recognized with several patents for his work on analgesics, and has also been a recipient of two NIH grants, including one which he developed, for the development of novel analgesics.Dr. Gragard is also a co-founder and a director of the International Cancer Research Group. The International Cancer Research Group is an innovative and independent, private, non-profit research foundation, which supports research in cancer-related areas.Dr. Maul is a pain specialist who holds a doctorate in pharmacy and who previously served as the Director of Pain Services at Mt. Sinai Hospital. Dr. Maul is also a certified consultant in anesthesiology.Dr. Maul is active in the field of pain management, and has been successful at bringing several new analgesics to market.This investment is intended to be a long term, strategic investment by an accredited investor. This investment will generate revenues and generate profits. This