NeuroOne Medical Technologies Announces Zimmer Biomet Distribution Deal For Its Evo™

August 24 09:34 2020

NeuroOne Medical Technologies Corporation (OTC: NMTC) has entered into a development and distribution deal that may be the first of more to come with Zimmer. In July, the company finalized an agreement with Zimmer Biomet (NYSE: ZBH) to market its Evo™ Cortical Electrode (Evo), the company’s first FDA 510(k)-cleared product. The Evo Cortical Electrode is an innovative product indicated for recording, monitoring, and stimulating brain tissue for up to 30 days. Utilizing proprietary automated manufacturing processes, the thin-film lightweight design offers high-resolution capabilities, reduced immunological response—as demonstrated in pre-clinical studies—and the potential to be placed in a minimally invasive manner. NeuroOne has developed its products in collaboration with the University of Wisconsin-Madison’s Alumni Research Foundation and the Mayo Foundation for Medical Education and Research.

The terms of the deal give Zimmer Biomet the exclusive global right and license to distribute NeuroOne’s strip and grid electrodes and electrode cable assembly products and the exclusive right and license to distribute certain depth electrodes developed by NeuroOne. In connection with the agreement, Zimmer Biomet made a $2 million upfront payment to NeuroOne. Additionally, in order to maintain its exclusive rights to distribute the depth electrodes, Zimmer Biomet must make an additional payment to NeuroOne according to the terms of the agreement.

That value can be recognized on at least two levels. On top of adding cash to its balance sheet, NeuroOne has established a working partnership with Zimmer. The deal with Zimmer is expected to free up NeuroOne’s development team to focus on accelerating the development of new therapeutic technologies as well as provide additional capital to build the company infrastructure.

NeuroOne received its first FDA 510(k) clearance for its Evo™ Cortical Electrode product family in November of 2019. NeuroOne is also in late-stage development of a second hi-definition thin-film electrode product, its Evo™ sEEG Depth Electrode, a device that records brain activity placed through a minimally invasive procedure. Other products in pre-development and conceptual stages include an ablation electrode, a spinal cord stimulation electrode, and a deep brain stimulation electrode.

The most attractive feature of these products is that they each have the potential to deliver a best-in-class option to treatment professionals.

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Balance Sheet Strengthened And Prepared To Grow In 2020

As NeuroOne faces the second half of 2020, it expects to be well-funded to advance through development and commercialization processes, as the company recently benefited from a more than $5 million private capital raise in addition to the upfront payment from Zimmer. That cash is expected to put the company in strong financial shape to direct its strategy of near term growth through product development and commercialization.

Great products often lead to great results, and NeuroOne expects it can deliver on both.

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