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NEWS
NeuroOne® Announces Expansion of Existing Distribution Agreement with Zimmer Biomet for Commercialization of OneRF™ Ablation System
License Provides Exclusive Commercialization Rights for US Distribution and Certain OUS Markets
Agreement expected to boost NeuroOne sales revenue and profitability
EDEN PRAIRIE, Minn., Oct. 31, 2024 (GLOBE NEWSWIRE) -- 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 the execution of an amendment to its existing distribution agreement with Zimmer Biomet that will provide Zimmer Biomet with certain exclusive rights to distribute NeuroOne's OneRF™ Ablation System for use in the brain.
NeuroOne will receive an upfront payment of $3 million with the potential to earn an additional milestone payment if certain performance criteria is achieved. NeuroOne expects that the agreement will generate meaningful revenue and drive improved profitability for the Company.
The OneRF Ablation System is the only FDA cleared radiofrequency ablation system in the United States for both diagnostic and therapeutic use. It has been used in a number of ablation cases since its limited launch in April. Cases were reported as being successful using the same device to identify the brain tissue triggering seizure activity and ablate the targeted tissue to reduce or eliminate brain-related seizure activity. In addition, the technology has the potential to reduce hospital stays, number of surgeries and adverse events while offering temperature control to enhance patient safety. The devices are initially placed in the operating room. To date, all the ablations have been performed at the patient's bedside saving additional operating costs while allowing the patient to be diagnosed and treated in one hospitalization instead of multiple visits.
Agreement expected to boost NeuroOne sales revenue and profitability
EDEN PRAIRIE, Minn., Oct. 31, 2024 (GLOBE NEWSWIRE) -- 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 the execution of an amendment to its existing distribution agreement with Zimmer Biomet that will provide Zimmer Biomet with certain exclusive rights to distribute NeuroOne's OneRF™ Ablation System for use in the brain.
NeuroOne will receive an upfront payment of $3 million with the potential to earn an additional milestone payment if certain performance criteria is achieved. NeuroOne expects that the agreement will generate meaningful revenue and drive improved profitability for the Company.
The OneRF Ablation System is the only FDA cleared radiofrequency ablation system in the United States for both diagnostic and therapeutic use. It has been used in a number of ablation cases since its limited launch in April. Cases were reported as being successful using the same device to identify the brain tissue triggering seizure activity and ablate the targeted tissue to reduce or eliminate brain-related seizure activity. In addition, the technology has the potential to reduce hospital stays, number of surgeries and adverse events while offering temperature control to enhance patient safety. The devices are initially placed in the operating room. To date, all the ablations have been performed at the patient's bedside saving additional operating costs while allowing the patient to be diagnosed and treated in one hospitalization instead of multiple visits.
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