NeuroOne Announces Strategic Partnership with RBC Medical Innovations for Ablation Program
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"
SOURCE NeuroOne Medical Technologies Corporation
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