NeuroOne Medical Technologies (Nasdaq:NMTC) announced today that shipped its first commercial order in an agreement with Zimmer Biomet (NYSE:ZBH).
Zimmer Biomet holds an exclusive development and distribution agreement with NeuroOne for its thin film technology. It already sells NeuroOne’s earlier cortical strip and grid electrode devices. Over a year ago, Zimmer Biomet placed initial stocking orders with NeuroOne to sell the Evo sEEG device to neurosurgeons.
Zimmer paid $3.5 million to NeuroOne under the deal in August. That came after an up-front payment of $2 million in 2020.
“This shipment represents a monumental accomplishment for the company,” said NeuroOne CEO Dave Rosa. “Without the persistence of our staff and manufacturing partners, we could not have reached this point. We look forward to commercialization of this exciting technology in the future in partnership with Zimmer Biomet.”
About the Evo sEEG electrode
Evo sEEG offers up to 30 days of recording, monitoring and stimulation of electrical signals at the subsurface level of the brain. It previously held clearance for up to 24 hours of use. In August, NeuroOne submitted a special FDA 510(k) application to extend use to up to 30 days.
The FDA cleared the Evo sEEG electrode for 30-day use last month.
According to NeuroOne, sEEG electrodes provide a similar function at the subsurface level of the brain compared to cortical electrodes. However, they use a much less invasive process. That process does not require the removal of the top portion of the skull.
Both NeuroOne’s Evo Cortical and sEEG electrodes feature hi-definition, thin film electrodes. They potentially increase signal clarity and reduce noise, the company said. The electrodes also offer better tactile feedback during insertion into brain tissue.
With an automated manufacturing process, the electrodes can also offer faster order fulfillment.