EDEN PRAIRIE, Minn.,
Aug. 23, 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 that it has
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. Currently two separate hospital
visits and surgeries are required to treat patients that have
seizures due to epilepsy or brain tumors that contribute to
seizures. The combining of the diagnostic and therapeutic functions
is expected to save time, money and potentially improve patient
outcomes given the patient will be able to get both procedures
performed with the same device and as part of the same procedure
requiring one hospital visit. If successful, this will represent
the Company's first therapeutic product offering.
Dave Rosa, President and CEO of
NeuroOne Medical Technologies Corporation says, "RBC is a
well-respected firm with over 25 years of design, development and
manufacturing of differentiated medical devices with some of the
world's largest and most innovative companies. We believe this
partnership will allow NeuroOne to offer a proprietary complete
system combining our game-changing combination ablation electrode
with the hardware and software required to perform these
procedures. This will allow us to fully participate in a market
estimated in excess of $100M
worldwide and growing. The project is expected to be completed in
late 2022, pending receipt of regulatory clearance."
Carl Mayer, President and CEO of
RBC Medical Innovations says, "We are honored to partner with
NeuroOne on this innovative new system that will significantly
improve patient care. Using the cutting-edge Advantage Platforms™,
RBC will reduce time-to-market, increase reliability and ultimately
contribute to NeuroOne's ongoing success."
About NeuroOne Medical Technologies Corporation
NeuroOne 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. The
Company may also pursue applications for other areas such as
depression, mood disorders, pain, incontinence, high blood
pressure, and artificial intelligence. For more information,
visit https://www.n1mtc.com .
The Company previously announced it had successfully met the
first performance milestone in the distribution and development
agreement signed with Zimmer Biomet on July 20, 2020. In
addition to acquiring exclusive global distribution rights to
NeuroOne's Evo™ (Evo) patented electrode technology, the
partnership also offered the potential for NeuroOne to earn
back-end milestone payments if certain events were met within a
specified time frame.
NeuroOne received FDA clearance for its Evo cortical technology
in November 2019.
In partnership with Mayo Clinic, Wisconsin Alumni Research
Foundation (WARF) and other prominent academic medical centers, the
Company began developing its cortical electrode technology in 2015.
The Company initially focused its efforts on the epilepsy and
intraoperative tumor monitoring markets. NeuroOne intends to
continue to develop the technology for use in therapeutic
applications for Parkinson's disease, epilepsy and pain management
due to failed back surgery procedures.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Except for statements of historical fact, any information
contained in this presentation may be a forward–looking statement
that reflects NeuroOne's current views about future events and are
subject to known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance
or achievements to be materially different from the information
expressed or implied by these forward-looking statements. In some
cases, you can identify forward–looking statements by the words
"may," "might," "will," "could," "would," "should," "expect,"
"intend," "plan," "objective," "anticipate," "believe," "estimate,"
"predict," "project," "potential," "target," "seek," "contemplate,"
"continue" and "ongoing," or the negative of these terms, or other
comparable terminology intended to identify statements about the
future. Forward–looking statements may include statements regarding
the development of the Company's ablation electrode technology
program, the strategic partnership with RBC, the receipt of
regulatory clearance, the timing and extent of product launch and
commercialization of the technology, what the future may hold for
electrical stimulation and NeuroOne's potential role, business
strategy, market size, potential growth opportunities, future
operations, future efficiencies, and other financial and operating
information. Although NeuroOne believes that we have a reasonable
basis for each forward-looking statement, we caution you that these
statements are based on a combination of facts and factors
currently known by us and our expectations of the future, about
which we cannot be certain. Our actual future results may be
materially different from what we expect due to factors largely
outside our control, including risks that the partnership with RBC
may not facilitate the commercialization or market acceptance of
our technology; risks that our ablation electrode technology may
not be ready for commercialization in a timely manner or at all;
risks that our technology will not perform as expected based on
results of our pre-clinical and clinical trials, our ability to
raise additional funds, uncertainties inherent in the development
process of our technology, changes in regulatory requirements or
decisions of regulatory authorities, the size and growth potential
of the markets for our technology, clinical trial patient
enrollment, the results of clinical trials, our ability to protect
our intellectual property rights and other risks, uncertainties and
assumptions, including those described under the heading "Risk
Factors" in our filings with the Securities and Exchange
Commission. These forward–looking statements speak only as of the
date of this press release and NeuroOne undertakes no obligation to
revise or update any forward–looking statements for any reason,
even if new information becomes available in the future.
"Caution: Federal law restricts this device to sale by or on the
order of a physician"
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SOURCE NeuroOne Medical Technologies Corporation