Business
NeuroOne® Announces $3.5 Million Accelerated Milestone Payment from Zimmer Biomet for Evo® sEEG Electrode
Amendment provides Zimmer Biomet with 350,000 warrants with exercise price of $3.00 per share EDEN PRAIRIE, Minn., Aug. 3, 2022 /PRNewswire/ -- NeuroOne
About this update from Neuroone Medical Technologies Corporation
[{"type":"text","content":"Amendment provides Zimmer Biomet with 350,000 warrants with exercise price of $3.00 per share\nEDEN PRAIRIE, Minn., Aug. 3, 2022 /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, today announced that the Company entered into an amendment to its Exclusive Development and Distribution Agreement with Zimmer Biomet, Inc. (\"Zimmer\") that will provide the Company with a $3.5 million accelerated payment within 10 business days which relates to certain milestone payments. In addition, Zimmer Biomet will receive a Warrant to purchase 350,000 shares of the Company's common stock, with an exercise price of $3.00 per share.\n\n \n \n \n \n \n \n\n \nDave Rosa, Chief Executive Officer of NeuroOne, states, \"I want to thank Zimmer for all their support to date and their confidence in our business, technology and future endeavors. This agreement accomplishes multiple objectives for NeuroOne, most importantly by providing additional capital to our balance sheet in the short-term without the need for a highly dilutive financing, and further reinforcing our ongoing partnership with Zimmer.\"\nBrian Hatcher, President of the Trauma, CMFT, Foot and Ankle Division of Zimmer said, \"We look forward to continuing the relationship with NeuroOne as we advance our mission to alleviate pain and improve the quality of life for people around the world.\" Under the Exclusive Development and Distribution Agreement signed by both parties in July 2020, Zimmer Biomet has exclusive global distribution rights to distribute the Company's Cortical and sEEG diagnostic electrode technology.\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, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. For more information, visit https://www.n1mtc.com .\nForward Looking StatementsThis press release may include forward-looking statements with...