Business
ClearPoint Neuro, Inc. Announces Strategic and Commercial Partnership with European Surgical Equipment Leader adeor medical AG
SOLANA BEACH, Calif., Aug. 09, 2021 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT), a global therapy-enabling platform company providing navigation
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"SOLANA BEACH, Calif., Aug. 09, 2021 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced it has entered into a strategic and commercial partnership with German-based surgical equipment leader adeor medical AG for powered neurosurgical drill solutions. Under the terms of the agreement, ClearPoint Neuro will act as the distributor in the United States for adeor’s recently FDA-cleared Velocity Alpha high-speed surgical drill system currently utilized by neurosurgeons in the operating room for cranial and spinal procedures. adeor medical AG has also agreed to develop an MRI conditional version for which ClearPoint Neuro will have exclusive global distribution rights. “adeor is a recognized leader in this space in Europe with over 30 years of high-speed drill development experience,” stated Dominic Hasbach, CEO of adeor medical AG. “Our recent FDA clearance and partnership with ClearPoint Neuro means that together, we can leverage the advanced neurosurgical acumen of their field team to penetrate the market in the United States in 2021 with a best-in-class product initially for OR-based procedures, and in the future for MR-based procedures. We estimate the total market for powered drill solutions in the U.S. to be approximately $200M1 and growing. We look forward to starting with the cranial and spine market alongside ClearPoint, which we believe to be in excess of $50M today.” “Quick and simple access to the brain and parts of the spine is crucial for all of ClearPoint’s lines of business, whether it be Biologics and Drug Delivery, Brain Computer Interfaces, or other core strategic procedures ClearPoint supports,” said Joe Burnett, President and CEO of ClearPoint Neuro. “We are delighted to announce a partnership with this industry leader to launch current and develop future custom drill and accessory innovations. We believe an MRI conditional drill solution may reduce procedure time from 15 minutes to over an hour in multi-trajectory drug delivery cases. This added distribution agreement for non-MRI powered drills for the operating room further demonstrates the scale we are able to achieve with our commercial and clinical specialist team here in the U.S. as we continue to add best-in-class products to our portfolio, with...