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NeuroOne Medical Technologies Corporation Announces Successful Completion of First Performance Milestone in Zimmer Biomet Agreement
EDEN PRAIRIE, Minn., Feb. 23, 2021 /PRNewswire/ -- NeuroOne Medical Technologies Corporation (OTCQB: NMTC; NeuroOne or the Company), a medical technology
About this update from Neuroone Medical Technologies Corporation
[{"type":"text","content":"EDEN PRAIRIE, Minn., Feb. 23, 2021 /PRNewswire/ -- NeuroOne Medical Technologies Corporation (OTCQB: NMTC; NeuroOne or the Company), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, announces today that it has successfully met the first performance milestone in the distribution and development agreement that was signed with Zimmer Biomet on July 20, 2020. In addition to acquiring the exclusive global distribution rights to NeuroOne's Evo™ (Evo) patented electrode technology, the partnership also offered the potential for NeuroOne to earn back-end milestone payments if certain events were met within a specified time frame. \n\n \n \n \n \n \n \n\n \nDave Rosa, President and CEO, NeuroOne, says, \"The Company is quite pleased to meet this development milestone. Coupled with the announcement of our recent financing, we are confident that our partnership with Zimmer Biomet and the progress in our sEEG program position the Company well to offer a unique full complement of brain recording diagnostic technology in 2021 and beyond.\"\nNeuroOne announced on January 15, 2021, the closing of a $12.5 Million Private Placement with certain institutional investors with the intent to use the proceeds for a proposed Nasdaq uplisting, acceleration of research and development efforts, a potential second commercial product launch in 2021 pending regulatory clearance, and other general corporate purposes.\nNeuroOne received FDA clearance for its Evo cortical technology in November 2019. \nIn partnership with Mayo Clinic, Wisconsin Alumni Research Foundation (WARF) and other prominent academic medical centers, the Company began developing its cortical electrode technology in 2015. The Company initially focused its efforts on the epilepsy and intraoperative tumor monitoring markets. NeuroOne intends to continue to develop the technology for use in therapeutic applications for Parkinson's disease, epilepsy and pain management due to failed back surgery procedures.\nAbout NeuroOneNeuroOne Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors...