NeuroOne Medical Technologies Corporation (NMTC) turned lower in current market trading on Wednesday. The stock dropped 10.35% to trade at $4.85.
It is a medical technology company which concentrated on the enhancement of surgical treatment options and outcomes for patients with neurological diseases.
FDA 510(k) Clearance for its Electrode
Announced that the company got the approval by the U.S. Food and Drug Administration (FDA) 510(k) on September 7, 2021, for the sale of Evo sEEG electrode technology for instantaneous (less than 24 hours) usage of recording, monitoring, and simulation equipment. This technology can Record, monitor, and stimulate electrical signals at the subcutaneous level of the brain.
The Evo sEEG electrode is the company’s second FDA 510(k) approved product, bringing a full range of electrode technologies to patients who require diagnostic brain mapping procedures, with an estimated value of approximately $100 million.
“Can This Brain Implant Save Lives?”
On August 25 of 2021, Cheddar News published a clip entitled “Can This Brain Implant Save Lives?”
NeuroOne’s President and CEO Dave Rosa and Cheddar News had discussed NeuroOne’s latest device and advances in neuroscience technology.
In a video interview, Rosa said:
“NeuroOne’s electrodes are actually different because they can provide what I call high definition. It provides better accuracy, clarity, and visuals effects. From a TV point of view, the goal has been achieved. More pixels have been added to increase clarity.
Partnership with RBC Medical Innovations
On August 23, 2021, the company announced an agreement with RBC Medical Innovations to invent and manufacture a proprietary radio frequency (RF) generator for NeuroOne’s recording and ablation electrode combination. This generator is designed to record brain activity and Ablation of brain tissue by using the same electrode. If it will get successful, then it will be the first therapeutic product of the company.
- Company announced on 13 August 2021, its next goals and financial results for the 3rd quarter of 2021
Upcoming Targeted Milestones
2021 commercial calendar of Evo sEEG in-depth diagnostic electrode.
- It is for epilepsy surgery and wake-up brain mapping.
- The potential market of approximately $ 100 million.
Complete design of ablation therapy electrodes and longer pacing piece generator in the 2021 calendar.
- Multifunctional electrodes that record brain activity and remove problematic brain tissue.
- Expected to shrink hospitalizations, eradicate the need for a separate second operation, and decrease overall time and cost.
- The company also plans to sell hardware and software.
Complete animal research on ablation therapy electrodes in the 2021 calendar.
Realize the commercialization of ablation therapy electrodes in the next 18 months.
Third Quarter 2021 Financial Results
- In the third quarter of fiscal 2021, product revenue was $40,000, collaboration revenue was $17,000, and there was no revenue in the previous year.
- Total operating expenses for the third quarter of fiscal 2021 were $3 million, whenever they were$1.6 million in the same period last year.
- Research and development expenses in the third quarter were $2.1 million, compared to the same period in the fiscal year 2020, they were $1.1 million.
- The net income during the quarter stood at $3.0 million, while during the third quarter of 2020, it was $7.1 million.
- As of June 30, 2021, the company’s cash was $9 million, compared with the most recent fiscal year, it was $ 4 million (September 30, 2020). As of June 30, 2021, the company has no outstanding debts.
Participated in Alliance Global Partners (A.G.P.)
According to the news of the company which was announced on 28 July 2021, Company participated in the Alliance Global Partners (A.G.P.) Virtual Medical Technology Summer Conference held on July 29, 2021.