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NeuroOne® Reports Third Quarter Fiscal Year 2023 Financial Results and Provides Corporate Update
EDEN PRAIRIE, Minn., Aug. 14, 2023 (GLOBE NEWSWIRE) -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical
About this update from Neuroone Medical Technologies Corporation
[{"type":"text","content":"EDEN PRAIRIE, Minn., Aug. 14, 2023 (GLOBE NEWSWIRE) -- 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 announces its operating results for the fiscal third quarter 2023 ended June 30, 2023. Fiscal Third Quarter 2023 and Recent Business Updates Financial Highlights Product revenue of $630,000 in Q3 2023, compared to $32,000 in Q3 2022Collaboration revenue of $1.46 million in first nine months of FY 2023, compared to $6,000 in first nine months of FY 2022Operating cash burn reduction expected with the completion of development of the OneRF™ Ablation System beginning in Fiscal Q4 2023 Evo® sEEG: Completed limited launch at target centers by end of July; full launch with Zimmer Biomet expected by end of fiscal fourth quarterPositive user feedback received on product evaluation formsInitiation of new sites expected to ramp in fiscal fourth quarterReceived first order for calendar 2024 product supply from Zimmer Biomet OneRF™Ablation: Submitted 510(k) to FDA on June 8thPoster presentation on OneRF Ablation System preclinical study at the Neurological Disorders Summit (NDS 2023) in ItalyReceived feedback from FDA regarding 510(k) submission for OneRF Ablation System Spinal Cord Stimulation Program: Completed 28 day animal implants of the Company’s thin film spinal cord stimulation paddle electrodes without any adverse events or neurological complicationsFiled a non-provisional patent for a novel conformable thin film paddle lead for spinal cord placement Drug Delivery Program: Successfully completed proof of concept testing of drug delivery into the brain in a small animal model at the Mayo Clinic in Rochester, Minnesota Dave Rosa, CEO of NeuroOne, commented, “The Company continues to execute on a number of commercial, development and financing objectives. We are now beginning to expand the commercial launch of our Evo sEEG electrode with Zimmer Biomet after a successful limited launch. In addition, we received encouraging feedback from the FDA regarding the Company’s recent 510(k) FDA submission of the OneRF Ablation System and believe our previous timelines remain on track. We are excited by the potential of our drug delivery system currently in deve...