Amendment provides Zimmer Biomet with 350,000
warrants with exercise price of $3.00
per share
EDEN
PRAIRIE, Minn., Aug. 3, 2022
/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, today announced
that the Company entered into an amendment to its Exclusive
Development and Distribution Agreement with Zimmer Biomet, Inc.
("Zimmer") that will provide the Company with a $3.5 million accelerated payment within 10
business days which relates to certain milestone payments. In
addition, Zimmer Biomet will receive a Warrant to purchase 350,000
shares of the Company's common stock, with an exercise price of
$3.00 per share.
Dave Rosa, Chief Executive
Officer of NeuroOne, states, "I want to thank Zimmer for all their
support to date and their confidence in our business, technology
and future endeavors. This agreement accomplishes multiple
objectives for NeuroOne, most importantly by providing additional
capital to our balance sheet in the short-term without the need for
a highly dilutive financing, and further reinforcing our ongoing
partnership with Zimmer."
Brian Hatcher, President of the
Trauma, CMFT, Foot and Ankle Division of Zimmer said, "We look
forward to continuing the relationship with NeuroOne as we advance
our mission to alleviate pain and improve the quality of life for
people around the world." Under the Exclusive Development and
Distribution Agreement signed by both parties in July 2020, Zimmer Biomet has exclusive global
distribution rights to distribute the Company's Cortical and sEEG
diagnostic electrode technology.
About NeuroOne
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. For
more information,
visit https://www.n1mtc.com .
Forward Looking
Statements
This press release may include 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 or
phrases "may," "might," "will," "could," "would," "should,"
"expect," "intend," "plan," "objective," "anticipate," "believe,"
"estimate," "predict," "project," "potential," "target," "seek,"
"contemplate," "continue, "focused on," "committed to" 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
future of NeuroOne's partnership with Zimmer, NeuroOne's receipt of
the $3.5 million payment, and
NeuroOne's need for short-term financing. 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 Zimmer Biomet may not facilitate the
commercialization or market acceptance of our technology; risks
that our sEEG electrodes may not be ready for commercialization in
a timely manner or at all, whether due to supply chain disruptions,
labor shortages, the impact of COVID-19 or otherwise; risks that
our technology will not perform as expected based on results of our
pre-clinical and clinical trials; risks related to uncertainties
associated with the Company's capital requirements to achieve its
business objectives and ability to raise additional funds; the risk
that the COVID-19 pandemic will continue to adversely impact our
business; the risk that we may not be able to secure or retain
coverage or adequate reimbursement for our technology;
uncertainties inherent in the development process of our
technology; risks related to changes in regulatory requirements or
decisions of regulatory authorities; that we may not have
accurately estimated the size and growth potential of the markets
for our technology; risks relate to clinical trial patient
enrollment and the results of clinical trials; that we may be
unable 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