<SEC-DOCUMENT>0000950123-18-003823.txt : 20180726
<SEC-HEADER>0000950123-18-003823.hdr.sgml : 20180726
<ACCEPTANCE-DATETIME>20180426204226
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-18-003823
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Neuronetics, Inc.
		CENTRAL INDEX KEY:			0001227636
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1209

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		3222 PHOENIXVILLE PIKE
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		877-600-7555

	MAIL ADDRESS:	
		STREET 1:		3222 PHOENIXVILLE PIKE
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEURONETICS INC
		DATE OF NAME CHANGE:	20030416
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Joshua A. Kaufman</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">+1 212 479 6495</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">josh.kaufman@cooley.com</P></TD>
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<TD VALIGN="top">VIA&nbsp;EDGAR&nbsp;AND&nbsp;HAND&nbsp;DELIVERY</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;26, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD VALIGN="top">Attention:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Daniel Morris, Special Counsel</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amanda&nbsp;Ravitz,&nbsp;Assistant&nbsp;Director,&nbsp;Office&nbsp;of&nbsp;Electronics&nbsp;and&nbsp;Machinery</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Tom Jones, Legal Staff Attorney</P></TD>
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<TD VALIGN="top"><B>Re:</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neuronetics, Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT
STYLE="white-space:nowrap">Draft&nbsp;Registration&nbsp;Statement&nbsp;on&nbsp;Form&nbsp;S-1</FONT> Submitted March&nbsp;16, 2018</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>CIK
No.&nbsp;0001227636</B></P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf
of Neuronetics, Inc. (the &#147;<B><I>Company</I></B>&#148;), we are providing this letter in response to the comments of the staff of the U.S. Securities and Exchange Commission&#146;s Division of Corporation Finance (the
&#147;<B><I>Staff</I></B>&#148;) contained in its letter, dated April&nbsp;12, 2018 (the &#147;<B><I>Comment Letter</I></B>&#148;), relating to the Company&#146;s Draft Registration Statement on Form S-1, confidentially submitted on March&nbsp;16,
2018 (the &#147;<B><I>Draft Registration Statement</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is concurrently confidentially submitting Amendment No.&nbsp;1 to the
Draft Registration Statement (the &#147;<B><I>Amended DRS</I></B>&#148;), which reflects changes made in response to certain of the comments contained in the Comment Letter. We are also sending the Staff a copy of this letter along with three copies
of the Amended DRS marked to show all changes from the Draft Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The numbering of the paragraphs below corresponds to the numbering
of the comments contained in the Comment Letter, which for your convenience we have incorporated into this response letter in italics. Page references in the text of this response letter correspond to the page numbers of the Amended DRS. Capitalized
terms used in this letter but not otherwise defined in this letter shall have the meanings set forth in the Amended DRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Prospectus Summary, page 1
</U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please revise the disclosure in your summary and elsewhere in your prospectus to identify the sources of the industry data. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure on pages 2, 3, 67, 85, 87, 97 and 108 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please disclose any material disadvantages of your system. </I></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;1114 Avenue of the Americas&nbsp;&nbsp;&nbsp;&nbsp;New York, NY&nbsp;&nbsp;&nbsp;&nbsp;10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (212)
479-6000&nbsp;&nbsp;&nbsp;&nbsp;f: (212) 479-6275&nbsp;&nbsp;&nbsp;&nbsp;cooley.com </P>


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and
notes that the NeuroStar Advanced Therapy System has been approved by the U.S. Food and Drug Administration and thus has been determined to be safe and effective. The Company also believes that it has addressed the disadvantages of its business,
including the NeuroStar Advanced Therapy System, in the Risk Factors section of the Amended DRS. The Company has added disclosure on page 6 of the Amended DRS to supplementally address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Our Solution, page 4 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your disclosure that your treatment may take at least 19 minutes per session. Please revise to disclose the typical duration of each session and whether deviations from that standard may be expected. In
addition, please clarify whether the duration of your treatment differs materially from that of your competitors. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Company has added disclosure on pages 4, 95, 100 and 110 of the Amended DRS to address the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>If we are unable to adequately train
psychiatrists, page 13 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please disclose how long it will take for training. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure
on page 13 of the Amended DRS to address the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The lives of our patents may not be sufficient to effectively protect our products,
page 28 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please disclose the risk concerning the expiration of the patents covering your core technology. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure on page 28 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Implications of Being an Emerging Growth Company, page 55 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that you or anyone authorized to do so on your behalf, present to potential investors in
reliance on Section&nbsp;5(d) of the Securities Act, whether or not they retain copies of the communications. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Company respectfully acknowledges the Staff&#146;s comment and has separately provided to the Staff copies of the written communications presented to potential investors to date in reliance on Section&nbsp;5(d) of the Securities Act, and will
provide any further communications made during the duration of the registration process to the extent that they differ in any material respect from the written communications provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Market, Industry and Other Data, page 56 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please tell us whether you commissioned any of the data that you attribute to third parties in your document. </I></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;1114 Avenue of the Americas&nbsp;&nbsp;&nbsp;&nbsp;New York, NY&nbsp;&nbsp;&nbsp;&nbsp;10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (212)
479-6000&nbsp;&nbsp;&nbsp;&nbsp;f: (212) 479-6275&nbsp;&nbsp;&nbsp;&nbsp;cooley.com </P>


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and
notes that, to assist in the development of its sales and marketing practices and campaigns, it commissioned a study conducted with Symphony Health, which is referenced on page 97 of the Amended DRS. The study conducted by Symphony Health was not
commissioned specifically for use in connection with the proposed offering. The Company has added disclosure on pages 57 and 97 of the Amended DRS to supplementally address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Use of Proceeds, page 57 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please tell us whether the proceeds of this offering are sufficient to complete the approval process mentioned in the second bullet point of this section. If you need other material funds, disclose the amount that
you need to complete the process. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and notes that, at
this stage of development, it is not possible to predict to the total costs associated with completing the approval process of the NeuroStar Advanced Therapy System or a similar product for the treatment of post-traumatic stress disorder, bipolar
depression or any other indication. The Company revised the disclosure on page 58 of the Amended DRS to indicate that it expects to use a portion of the proceeds for continued research and development efforts, which could include pursuing
indications for bipolar depression and post-traumatic stress disorder, and have noted elsewhere that the Company will likely need additional proceeds to complete the development and approval of the system in any additional indications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Distribution Agreement with Teijin Pharma Limited, page 78 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your reference to termination in certain limited circumstances. Please revise to clarify when the agreement may be terminated. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure on pages 79, 110, F-30 and F-31 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Business, page 86 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>10.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please expand the disclosure on page 86 to clearly explain each step you must take for your system to reach commercialization to treat bipolar depression and post-traumatic stress disorder. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure on pages 101 and 102 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Our Strategy, page 96 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please expand the reference in the third bullet point of this section to &#147;a few select other countries&#148; to identify the countries. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised the disclosure on page 97 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Principal Stockholders, page 147 </U></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;1114 Avenue of the Americas&nbsp;&nbsp;&nbsp;&nbsp;New York, NY&nbsp;&nbsp;&nbsp;&nbsp;10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (212)
479-6000&nbsp;&nbsp;&nbsp;&nbsp;f: (212) 479-6275&nbsp;&nbsp;&nbsp;&nbsp;cooley.com </P>


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>12.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please disclose the natural third person or persons who have voting and/or investment power for your securities held in the name of each entity included in your table. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure on page 151 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Underwriting, page 163 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>13.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your disclosure in the last paragraph on page 163 about changing the offering price and other selling terms. If true, please revise to clarify that you are referring to changes after completion of this
offering. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised the disclosure on page 165 of the Amended DRS to address the Staff&#146;s comment.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>14.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please provide more specific information regarding the past relationships with the underwriters mentioned in the penultimate paragraph on page 166. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised the disclosure on page 168 of the Amended DRS to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Revenue Recognition, page F-10 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>15.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note that you disclose on pages 67 and F-10 that your systems are offered on a rent-to-own basis to certain customers. Please revise the financial statements to disclose your accounting policies for these
arrangements. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has expanded its disclosure on pages 81 and F-10 of the Amended DRS to supplementally address
the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 9. Debt, page F-18 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>16.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note the final payment fees and deferred issuance costs associated with your credit facility. Please disclose the effective interest rate on this facility as of each balance sheet date presented. Refer to ASC
835-30-45-2. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has added disclosure on pages 77, 78, F-19 and F-20 of the Amended DRS to supplementally
address the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully requests the Staff&#146;s assistance in completing the review of this response letter. Please contact me at (212)&nbsp;479-6495 with
any questions regarding the Company&#146;s responses to the Staff&#146;s comments or if you require further information. Thank you in advance for your attention to this matter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;1114 Avenue of the Americas&nbsp;&nbsp;&nbsp;&nbsp;New York, NY&nbsp;&nbsp;&nbsp;&nbsp;10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (212)
479-6000&nbsp;&nbsp;&nbsp;&nbsp;f: (212) 479-6275&nbsp;&nbsp;&nbsp;&nbsp;cooley.com </P>


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<IMG SRC="g542432cooley.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Five </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Joshua A. Kaufman </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joshua A. Kaufman </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris Thatcher, Neuronetics ,Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peter Donato,
Neuronetics, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Divakar Gupta, Cooley LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandon Fenn,
Cooley LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B.&nbsp;Shayne&nbsp;Kennedy,&nbsp;Latham&nbsp;&amp;&nbsp;Watkins&nbsp;LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian J. Cuneo, Latham&nbsp;&amp; Watkins LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Drew Capurro,
Latham&nbsp;&amp; Watkins LLP</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;1114 Avenue of the Americas&nbsp;&nbsp;&nbsp;&nbsp;New York, NY&nbsp;&nbsp;&nbsp;&nbsp;10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (212)
479-6000&nbsp;&nbsp;&nbsp;&nbsp;f: (212) 479-6275&nbsp;&nbsp;&nbsp;&nbsp;cooley.com </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
