NeuroMetrix (Waltham, Massachusetts), a company that develops wearable technology and point-of-care tests to help patients and physicians manage chronic pain, nerve diseases, and sleep disorders, has agreed to sell $8 million of common stock shares and Series A-3 and Series A-4 convertible preferred stock (for a combined total of 3,921,569 shares of common stock, either outright or issuable upon conversion of the preferred stock) and five year warrants to purchase up to 3,921,569 shares of common stock at an exercise price of $2.04 a share.

Subject to certain ownership limitations, the Series A-3 and Series A-4 convertible preferred stock is convertible at any time into shares of common stock at an initial conversion price of $2.04 a share, which represents a price 8.5% above the closing price of the common stock on the previous trading day. The preferred stock is not entitled to dividends and will not have any preferences over the company's common stock, including liquidation rights.

The company did not use a placement agent in this transaction. NeuroMetrix said it expects to close the sale on or about Friday.

The shares of Series A-3 preferred stock were offered pursuant to a shelf registration statement, which was declared effective by the Securities and Exchange Commission on March 15, 2013. The securities were offered only to accredited investors. The company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock issuable upon conversion of or in connection with the Series A-4 preferred stock and upon exercise of the warrants.

In other financing activity:

• WebPT (Phoenix), a web-based electronic medical record solution for rehabilitation therapists, said it has received a significant investment from Battery Ventures. The company said it intends to use the new capital to accelerate growth. The amount was not disclosed.

In addition to offering defensible, compliant and intuitive documentation, the web-based application provides physical therapists, occupational therapists and speech-language pathologists with intelligent business reporting, interactive and organized scheduling, and integrated billing.

• H&Q Healthcare Investors (Boston), a closed-end fund that invests in public and private healthcare companies, said it has completed its one for three non-transferable rights offering, which expired Monday. Record date shareholders were entitled to buy one newly issued share of the fund for every three non-transferable right held. The subscription prices for each newly issued share was determined to be $25.037 which was equal to 95% of the volume weighted average price of a share on the New York Stock Exchange on June 24 and the three preceding business days.

Preliminary results indicate that the fund received total subscriptions of about $188.8 million (including over-subscription requests). Shares are expected to be issued on or around Friday. //