Welcome to our dedicated page for NeuroOne Medical Technologies Corporation news (Ticker: NMTC), a resource for investors and traders seeking the latest updates and insights on NeuroOne Medical Technologies Corporation stock.
NeuroOne Medical Technologies Corporation (symbol: NMTC) is a cutting-edge medical technology company based in Eden Prairie, Minnesota. The company specializes in the development and commercialization of innovative thin-film electrode technology designed for continuous electroencephalogram (cEEG) and stereoelectroencephalography (sEEG) recording, brain stimulation, and ablation solutions. These technologies are particularly beneficial for patients suffering from a variety of brain-related disorders, including epilepsy, Parkinson's disease, dystonia, and essential tremors.
NeuroOne's core business revolves around creating comprehensive neuromodulation solutions that integrate cEEG and sEEG recording, monitoring, brain stimulation, and ablation. This focus has led to notable advancements such as the Evo® sEEG system, which is the first FDA-cleared thin-film sEEG-guided RF system capable of both recording electrical activity and ablating nervous tissue, with the added benefit of temperature control.
The company is actively involved in various exciting projects and partnerships. One of their key initiatives is the Drug Delivery Program, which is expected to achieve several important milestones in the near future. Additionally, NeuroOne is continuously enhancing its product portfolio to better serve its target patient population.
Financially, NeuroOne has provided promising updates for the second quarter of the fiscal year 2024. The company’s recent business highlights include significant progress in their OneRF™ Ablation System and Spinal Cord Stimulation Program. Investors and interested parties can access more detailed financial results and updates through their quarterly conference calls and webcasts.
For more information or to get in touch with NeuroOne, please contact them at 800-631-4030 or email ir@nmtc1.com.
NeuroOne Medical Technologies (Nasdaq: NMTC) has secured $5.65 million in financing through a combination of a $2.65 million private placement and a $3 million credit facility. The private placement involved issuing 2,944,446 shares of common stock and warrants to purchase 2,208,338 additional shares at $0.90 per unit. The company also announced signing a non-binding term sheet with an undisclosed global medical technology company for the distribution of its OneRF™ Ablation System.
The funds will be used for OneRF commercialization activities, product development for a new ablation indication, and to support the company during the diligence process with a potential strategic partner. CEO Dave Rosa expressed confidence in the company's position to operate and move forward with the potential partnership, expected to close by the end of the third calendar quarter.
NeuroOne Medical Technologies (Nasdaq: NMTC) announced the successful use of its OneRF Ablation System to perform five ablations on a patient with multifocal epilepsy at a prestigious hospital in Jacksonville, Florida. This was achieved using ten Evo sEEG electrodes, which identified seizure-triggering brain areas, and targeted ablations were confirmed by post-ablation sEEG recordings. The procedure was performed at the bedside, saving time and costs associated with operating room use. The OneRF Ablation System is NeuroOne’s first therapeutic device and third FDA 510(k)-cleared device. CEO Dave Rosa highlighted the system's potential to reduce operating room usage and foresees the expansion of its applications with future FDA submissions.
NeuroOne now offers a complete line of thin film electrode technology for diagnostic brain mapping and RF ablation. The estimated brain ablation market is over $100 million worldwide and is expected to grow significantly due to unmet clinical needs.
NeuroOne announced that the CMS has approved a new ICD-10-PCS code for its OneRF™ Ablation procedure, effective October 1, 2024. This code, 00503Z4, facilitates hospital reporting of inpatient procedures using the FDA-cleared OneRF™ Ablation system, aimed at creating RF lesions for neurosurgical operations. CEO Dave Rosa highlighted that this approval is key to increasing the recognition and utilization of their technology, potentially reducing hospital stays and adverse events. NeuroOne's product portfolio includes the Evo® cortical and sEEG electrode lines for brain mapping and RF ablation, with the brain ablation market estimated to exceed $100M globally.
NeuroOne Medical Technologies (NASDAQ: NMTC) reported its financial results for Q2 FY2024, ending March 31, 2024. Product revenue increased to $1,377,000 from $466,000 in Q2 FY2023. The company raised an additional $2 million through the ATM Program. Key product updates include the commercial launch of the OneRF Ablation System and expanded use of the Evo sEEG system by Zimmer Biomet.
R&D expenses decreased to $1.3 million, while SG&A expenses rose to $2 million. Total operating expenses were $3.3 million. The net loss dropped to $2.9 million from $3.5 million in Q2 FY2023. Cash and cash equivalents fell to $2.4 million from $5.3 million as of September 2023.
Key upcoming milestones include transitioning to OneRF electrodes, enhancing the drug delivery program, and refining the spinal cord stimulation program.
NeuroOne Medical Technologies (NMTC) will host a conference call and webcast on May 14, 2024, to discuss the financial results for its second quarter of fiscal year 2024 and provide a corporate update. The company focuses on improving surgical care options and outcomes for patients with neurological disorders.
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