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NeuroOne Reports Fourth Fiscal Quarter and Full Fiscal Year 2021 Financial Results and Provides Corporate Update
EDEN PRAIRIE, Minn., Dec. 15, 2021 /PRNewswire/ -- NeuroOne Medical Technologies Corporation (Nasdaq: NMTC; "NeuroOne" or the "Company"), a medical technology
About this update from Neuroone Medical Technologies Corporation
[{"type":"text","content":"EDEN PRAIRIE, Minn., Dec. 15, 2021 /PRNewswire/ -- NeuroOne Medical Technologies Corporation (Nasdaq: 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 financial results for the quarter and full fiscal year ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nFourth Quarter and Recent Business Updates\nReceived FDA 510(k) Clearance for its Evo® sEEG Electrode – the Company's second FDA 510(k) cleared product – for temporary (less than 24 hours) use; submitted clearance request to FDA for less than 30 day use Received initial stocking orders from Zimmer Biomet for sEEG electrodes Executed an agreement with RBC Medical Innovations to develop and manufacture a proprietary radiofrequency (RF) generator for use with NeuroOne's combination recording and ablation electrode that is being designed to both record brain activity and ablate brain tissue using the same electrode Successfully completed an animal feasibility study of its combination recording and ablation technology Featured on Cheddar News video segment Subsequent to fiscal year end, closed on an underwritten registered public offering of 4,172,057 shares of its common stock at a price of $3.20 per share with gross proceeds of $13.35 millionDave Rosa, CEO of NeuroOne commented, \"During and subsequent to our fiscal fourth quarter, we made important advancements across our product portfolio. We received FDA 510(k) clearance for our second diagnostic product, the Evo sEEG Depth Electrode, for less than 24-hour use. We expect to be commercial ready in the first calendar quarter of 2022, pending additional regulatory clearance of sEEG labeling for longer term use. Additionally, we made notable progress on our ablation electrode, partnering with RBC Medical on the design of the accompanying RF generator and completing an animal feasibility study. The ablation electrode will be our first therapeutic device, which we are targeting to launch in the next fifteen months. We also strengthened our balance sheet subsequent to our fiscal year end, with a $13.35 million public offering that included sophisticated institutional investors with substantial experience investing in medical device technologies. We expect that this capital positions the Comp...