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NeuroOne® Reports Third Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update
EDEN PRAIRIE, Minn., Aug. 14, 2024 (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, 2024 (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 third quarter fiscal year 2024 ended June 30, 2024. Third Quarter Fiscal Year 2024 and Recent Business Updates Financial Highlights: Product revenue of $826,000 in Q3 2024, compared to $630,000 in Q3 2023Reduced operating expenses from $3.8 million in Q3 2023 to $3.1 million in Q3 2024Raised an additional $1.6 million using the ATM Program in Q3 2024Completed $2.65 million private placement and entered into $3.0 million secured credit facility agreement in August 2024 Evo® sEEG: Completed manufacturing transition from sEEG diagnostic electrodes to OneRF electrodes OneRF™ Ablation System: Continued limited commercial launch of the OneRF™ Ablation System, including first shipments, implants and ablations with OneRF™ Ablation SystemCompleted OneRF™ Ablation System training for four sites and initiated sales quote process with 12 additional sitesImplanted ~200 RF electrodes and performed more than 50 RF ablations on 3 patientsSigned a non-binding term sheet with an undisclosed global medical technology company to distribute our OneRF™ Ablation System. The term sheet is non-binding, and the partnership is subject to the negotiation and execution of definitive documentation, due diligence, and other customary closing conditionsExhibited the OneRF™ Ablation System at the Association of Neurological Surgeons (AANS) Annual Scientific Meeting in May and the American Society for Stereotactic and Functional Neurosurgery Biennial Meeting in JuneThe Centers for Medicare and Medicaid Services (CMS) approved and granted a new ICD-10-PCS (International Classification of Diseases, 10th Revision, Procedure Coding System) code for the OneRF™ ablation procedure. The new code will be effective October 1, 2024 and allows hospital reporting of inpatient procedures that are performed using the OneRF™ Ablation System ensuring efficient and accurate documentation, billing, and analysisPresented posters on preclinical evaluation and ex vivo lesion characterization of OneRF™ Ablation System at the AANS Annual Scientific Meeting in May sE...