NeuroOne Medical Technologies (Nasdaq:NMTC) announced today that it priced an underwritten registered public offering.
Eden Prairie, Minnesota-based NeuroOne’s offering includes 5.25 million shares of common stock priced at $1 per share. All shares included in the offering will be sold by the company. NeuroOne also granted the underwriter a 30-day option to purchase up to an additional 787,500 shares. Those common stock shares come at the public offering price less the underwriting discount.
NeuroOne expects the gross proceeds to total approximately $5.25 million. The company scheduled the offering to close on or about July 27, subject to customary conditions.
Proceeds are earmarked for a trio of uses. First, NeuroOne aims to use funds to support the commercial launch of the Evo sEEG electrode line in the U.S. The company began its launch with Zimmer Biomet in May. Zimmer Biomet holds exclusive worldwide distribution rights to the Evo Cortical and sEEG product lines. NeuroOne expects the line to utilize Zimmer Biomet’s Rosa One Brain robotic surgery platform for neurosurgical procedures.
The company also plans to use funds to support the FDA submission for its OneRF ablation system. It submitted the system for FDA 510(k) clearance last month.
Finally, NeuroOne looks to use funds to complete the design of a novel drug delivery electrode, among other general corporate purposes.