NeuroOne Reports 195% Increase in Product Revenue

NeuroOne Medical Technologies (Nasdaq: NMTC) has announced its operating results for the second quarter fiscal year 2024 ended March 31, 2024, reporting a 195% increase in product revenue. During the quarter, the company also raised an additional $2.0 million using the ATM Program.

NeuroOne CEO, Dave Rosa, said the company had made “excellent progress across multiple fronts” throughout the quarter, including continuing to expand Evo®sEEG electrodes into new accounts through its partnership with Zimmer Biomet. The company announced a major milestone in the limited commercial launch of the OneRF™ Ablation System during the period, successfully implanting five patients.  The company’s OneRF™ system is the first and only FDA-cleared thin-film, sEEG-guided RF system capable of both recording electrical activity and ablating nervous tissue with the added benefit of temperature control using Evo® sEEG-RF Probe.  It provides an entirely new option in the continuum of care for epilepsy patients.

“Revenue growth continued regarding our sEEG product line as new customer sites were added by Zimmer Biomet. We also initiated the limited commercial launch of the OneRF™ Ablation System, an exciting accomplishment given we are the first company to receive FDA 510(k) clearance to market this novel technology in the United States. Customer interest has been strong and we believe the OneRF™ Ablation System, with combination diagnostic and therapeutic functionality, has the capability to create a paradigm shift in neurosurgical procedures. Moving forward, we will investigate other applications to leverage our ablation system.”

In addition, NeuroOne has presented an ICD-10-PCS hospital inpatient code application to the Centers for Medicare and Medicaid Services (CMS) for the OneRF™ ablation procedure to support accurate data collection and processing of reimbursement claims by hospitals for the ablation procedure.

NeuroOne is also currently developing a combination recording/drug delivery system using its thin film electrode platform.  “We continue to believe strongly in the market opportunity for our drug delivery system as we believe it has the potential to create a unique platform for both identifying the target area in the brain, delivering the pharmacologic agent and monitoring its performance,” said Mr. Rosa.

Financial Highlights

NeuroOne’s product revenue was $1,377,000 in the second quarter of fiscal 2024, compared to product revenue of $466,000 in the second quarter of fiscal 2023. For the first six months of fiscal 2024, product revenue was $2,355,000, compared to $581,000 for the same period in fiscal 2023.

The company had cash and cash equivalents of $2.4 million, compared to $5.3 million as of September 30, 2023, and working capital of $3.2 million as of March 31, 2024, compared to working capital of $5.5 million as of September 30, 2023.

NeuroOne had no debt outstanding as of March 31, 2024.

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. The Company may also pursue applications for other areas such as depression, mood disorders, pain, incontinence, high blood pressure, and artificial intelligence. For more information, visit nmtc1.com.

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NeuroOne Reports 195% Increase in Product Revenue

Catie Corcoran

Biotech Editor