MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM) recently announced the expansion of its commercial organization.
Sales Organization Update
As part of the Company’s previously announced sales organization optimization initiative, the Company has expanded the size of its sales organization, including the addition of:
- Thirteen new Business Development Managers (“BDMs”), bringing the total number of BDMs to 22
- Nine new NeuroStar Practice Consultants (“NPCs”), bringing the total number of NPCs to 27
In addition, the Company added personnel to its sales management, reimbursement, clinical training and marketing functions.
“We are delighted with the exceptional talent we were able to attract to Neuronetics. Many of these individuals have extensive experience with the capital sale with a trailing treatment session model. And, these individuals share the core values needed to drive the execution of our strategy and company mission,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “We are very excited about what the future holds at Neuronetics and look forward to leveraging the momentum we have built to continue to expand awareness and access to NeuroStar Advanced Therapy for people who are suffering from depression.”
In conjunction with the expansion, on January 4, 2021, the Compensation Committee of Neuronetics’ Board of Directors granted restricted stock unit (“RSU”) awards representing an aggregate of 267,358 shares of its common stock to 23 new employees under the Neuronetics, Inc. 2020 Inducement Equity Incentive Plan, (the “2020 Inducement Plan”) in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest in three substantially equal installments on the first, second and third anniversaries of the grant date, subject to the continuing employment of the respective RSU recipients.
The 2020 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Neuronetics (or following a bona fide period of non-employment), as an inducement material to such individuals’ entering into employment with Neuronetics, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
Based in Malvern, Pennsylvania, Neuronetics, Inc. is a commercial-stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from psychiatric disorders.
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