Business
NeuroOne Medical Technologies Corporation Closes $12.5 Million Private Placement with Certain Prominent Institutional Investors, Advances Towards Nasdaq Uplisting
EDEN PRAIRIE, Minn., Jan. 15, 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., Jan. 15, 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 the closing of a previously announced private placement for the sale of 12,500,000 shares of its common stock and corresponding warrants to purchase 12,500,000 shares of its common stock. Each share of common stock and corresponding warrant is being sold at an aggregate purchase price of $1.00 for gross proceeds of $12,500,000. The exercise price of each warrant is $1.75 per share and are exercisable for a period of five years from the date of issuance. \n\n \n \n \n \n \n \n\n \nAfter deducting the placement agent's fees and other offering expenses to be paid by the Company, the Company received net proceeds of approximately $11,500,000. The Company expects to use the net proceeds to pursue a proposed Nasdaq uplisting, accelerate research and development efforts, potentially advance a second commercial product launch in 2021, pending regulatory clearance, and other general corporate purposes.\nKestrel Merchant Partners LLC acted as the exclusive sponsor and The Benchmark Company, LLC acted as the sole placement agent in connection with the offering. \nDave Rosa, President and CEO, NeuroOne, says, \"The completion of this financing led by sophisticated institutional investors with substantial experience investing in medical device technologies represents another major milestone and validation for the Company. We expect that this capital positions the Company well for a potential uplisting to the Nasdaq Stock Market without requiring an additional capital raise while also providing runway into 2022. As previously communicated, this remains a priority for the Company in 2021.\"\n\"We also expect that this financing will allow us to complete a submission to the FDA for our Evo sEEG electrode, which would also be distributed by our commercialization partner Zimmer Biomet if they exercise their exclusive distribution rights. We believe we are well-positioned to accelerate development of the therapeutic technologies we have targeted that broaden the application and commercial opportunity for the Company.\"\nNeuroOne received FDA clearance for its Evo cor...