Shares of NeuroMetrix Inc. rocketed 78% toward a 7-month high in active premarket trade Wednesday, after chronic pain treatments company announced a collaboration with GlaxoSmithLine PLC involving NeuroMetrix’s lead product, Quell Wearable Pain Relief Technology. Volume topped 270,000 shares more than two hours before the open, compared with the full-day average of about 184,000 shares. Under terms of the collaboration, GlaxoSmithKline will acquire exclusive ownership of Quell technology for markets outside the U.S., while NeuroMetrix will retain exclusive ownership for the U.S. market. GlaxoSmithKline will pay $5 million, and up to $21.5 million for the achievement of certain development and commercialization milestones. NeuroMetrix’s stock has tumbled 71% over the past 12 months, while GlaxoSmithKline shares have slipped 3.5% and the S&P 500 has rallied 22%.
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