NeuroOne Medical Technologies Corporation (OTCQB: NMTC), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announces the execution of an Exclusive Development and Distribution Agreement with Zimmer Biomet. Under the terms of the agreement, Zimmer Biomet will acquire exclusive global rights to distribute NeuroOne’s Evo™ (Evo) patented electrode technology.
This partnership is expected to provide an upfront payment to NeuroOne and may provide back-end milestone payments to NeuroOne if certain milestones are met.
Evo cortical electrodes, intended for recording, monitoring and stimulating brain tissue for up to 30 days, have the potential to change the landscape of neurosurgical procedures. The technology, utilizing sophisticated automated manufacturing processes, offers a thin-film lightweight design, high resolution capabilities, reduced immunological response—as demonstrated in pre-clinical studies—and the potential to be placed in a minimally invasive manner. The Evo electrode product line is expected to be complementary to Zimmer Biomet’s ROSA One platform.
Dave Rosa, president and CEO, NeuroOne, says, “We are extremely proud to partner with Zimmer Biomet, one of the world’s most highly respected medical device manufacturers and a worldwide leader in robotic technology used for a variety of orthopedic and minimally invasive neurosurgical procedures. I believe this collaborative partnership will allow us to more quickly and efficiently penetrate the market while focusing our resources on the pursuit of additional applications of our technology. Despite the current challenges with the COVID-19 pandemic, we are confident that our suppliers will be able to meet our initial launch order requests so that we can initiate commercialization efforts.”
Source: Company Press Release
