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Home » Zimmer Biomet speeds up investments in NeuroOne

Zimmer Biomet speeds up investments in NeuroOne

August 3, 2022 By Chris Newmarker

Zimmer Biomet and NeuroOne logosNeuroOne Medical Technologies (Nasdaq: NMTC) announced today that it will receive an accelerated $3.5 million milestone payment from Zimmer Biomet.

The milestone payment is related to Eden Prairie, Minnesota–based NeuroOne’s Evo sEEG electrode technology, which last year received FDA 510(k) clearance for temporary (less than 24 hours) recording, monitoring and stimulation of electrical signals at the subsurface level of the brain.

Under an agreement inked in July 2020, Zimmer Biomet (NYSE: ZBH) has exclusive rights to distribute the NeuroOne’s cortical and sEEG diagnostic electrode technology worldwide. The agreement amendments announced today also gave ZB a warrant to purchase 350,000 shares of NeuroOne’s common stock at an exercise price of $3.00 per share. (NMTC shares are up by about a third to $1.56 apiece this morning; MassDevice‘s MedTech 100 Index is up slightly.)

“This agreement accomplishes multiple objectives for NeuroOne, most importantly by providing additional capital to our balance sheet in the short-term without the need for a highly dilutive financing, and further reinforcing our ongoing partnership with Zimmer,” NeuroOne CEO Dave Rosa said in a news release.

Warsaw, Indiana–based Zimmer Biomet is probably best known as the third-largest orthopedic device company in the world. But when it acquired its Rosa surgical robotics technology in 2016, it also became a player in the robotic brain surgery space, presently offering its Rosa One Brain platform.

Brian Hatcher, a ZB president whose division includes craniomaxillofacial surgical technologies, said: “We look forward to continuing the relationship with NeuroOne as we advance our mission to alleviate pain and improve the quality of life for people around the world.”

Filed Under: Business/Financial News, Featured, Funding Roundup, Neurological, Neuromodulation/Neurostimulation, News Well, Pain Management Tagged With: neuroone, Zimmer Biomet

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at [email protected].

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