BASKING RIDGE, N.J., March 27, 2020 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced that it has entered into a common stock purchase agreement of up to $25 million with Lincoln Park Capital Fund, LLC, a Chicago-based institutional investor.

Under the terms of the purchase agreement, electroCore will, at its sole option and discretion, have the right, but not the obligation to sell up to $25 million of its common stock to Lincoln Park over a 36-month period. electroCore will control the timing and amount of any sales to Lincoln Park, and Lincoln Park is obligated to make purchases at quantities and prices in accordance with the purchase agreement, subject to various limitations including those set forth in the purchase agreement and the listing rules of Nasdaq. There are no upper limits to the price Lincoln Park may pay to purchase such common stock.

“We believe that this stock purchase agreement with Lincoln Park gives us financial flexibility to pursue those revenue channels where we see the most significant near-term revenue potential for gammaCore, the U.S. Veterans Administration and the United Kingdom,” said Daniel Goldberger, Chief Executive Officer of electroCore. “We are pleased that Lincoln Park shares our enthusiasm for the long-term potential of our vagus nerve stimulation technology.”

About gammaCore™

gammaCore™ (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may lead to a reduction of pain in patients.