Neuroone Medical Technologies Corp (NASDAQ:NMTC), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, stock fell 7.69% (As on December 14, 12:01:16 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 22 has received a $3.5 million accelerated payment from distribution partner Zimmer Biomet related to certain milestone events; Zimmer Biomet received a Warrant to purchase 350,000 shares of the Company’s common stock, with an exercise price of $3.00 per share. The company has received FDA 510(k) clearance to market the Evo sEEG Electrode technology for temporary (less than 30 day) use with recording, monitoring, and stimulation equipment for the recording, monitoring, and stimulation of electrical signals at the subsurface level of the brain, enabling NeuroOne to fully address the approximately $100M diagnostic electrode market. The company has shipped initial stocking order to Zimmer Biomet for Evo sEEG Electrodes. The company has completed hardware and software prototypes for preliminary design verification tests on a proprietary radiofrequency (RF) generator for use with the NeuroOne OneR ablation system that is being developed to record brain activity and ablate brain tissue using the same electrode. The company has successfully completed an animal feasibility study with the OneRF combination recording and ablation technology at the Mayo Clinic. The company has successfully tested complete OneRF ablation system with nine leading Neurosurgeons, with encouraging initial feedback. The company has implemented physician advisory board comprised of leading neurosurgeons and pain specialists for the Spinal Cord Stimulation electrode platform. Developed electrode designs for spinal cord stimulation to treat chronic back pain

Moreover, the company plans Evo sEEG Depth Diagnostic Electrode commercial launch in the first calendar quarter of 2023. For OneRF Ablation therapeutic electrode and generator system, the company plans to submit application for FDA 510(k) clearance by mid calendar year 2023. As of September 30, 2022, the Company had cash, cash equivalents, and short-term investments of $11.1 million.  The Company had no debt outstanding as of September 30, 2022.

The company has presented the data to the scientific community at the Neuroelectronic Interfaces Gordon Research Conference, Congress of Neurological Surgeons, Society for Neuroscience, and American Epilepsy Society meetings. It has exhibited the Evo electrode product family with Zimmer Biomet at Congress of Neurological Surgeons annual meeting and American Epilepsy Society annual meeting.