NeuroOne Medical Technologies Corporation (NMTC) is up 2.75% in the pre-market trading session at the price of $4.85 despite any recent news.
NMTC Featured on Cheddar News (VIDEO)
NMTC is a developmental stage company that provides minimally invasive and high-definition solutions for EEG recording and brain stimulation. It also delivers ablation solutions for epilepsy, Parkinson’s disease, dystonia, essential tremors, chronic pain, and other neurological disorders. These solutions improve patient outcomes and reduce procedural costs. On 25th August 2021, NMTC published that it had featured on Cheddar News. The segment title was “Can This Brain Implant Save Lives?”
CEO of NeuroOne, Dave Rosa, joined Cheddar News to speak about its latest device and development in neuroscience. During the video interview, Mr. Rosa stated that their electrodes have the capability to offer high-definition integration. The Evo Electrode has 16 points of contact in the brain and the sEEG electrode, with the same footprint, has about 900 points of contact. These electrodes provide better precision, high clarity, and better visuals.
Third Quarter Fiscal 2021 Financial Results and Corporate Update
On 13th August 2021, NMTC published financial results for the third quarter ended on 30th June 2021. Dave Rosa, CEO of NMTC, stated that they had made significant progress across their product portfolio during their fiscal third quarter. The company had completed the first commercial use of their first FDA-approved diagnostic product at Mayo Clinic. They have submitted 510(k) for their second diagnostic product line and remain on target to commercialize it by year-end. They are making progress in their ablation electrode and are targeting to launch it within the next eighteen months. Additionally, they are expecting data on their chronic use electrode technology later this year. They are focusing on the execution of their upcoming milestones to maximize shareholder value, he added.
Third Quarter 2021 Financial Results
NMTC reported product revenue of $40,000 for the third quarter of fiscal 2021. The collaboration revenue was $17,000 for the third quarter of 2021. There was no revenue for the same quarter of the previous year. Net loss was $3.0 million for the third quarter of fiscal 2021. A net loss of $7.1 million, reported for the same period of 2020. The cash was $9.0 million for the third quarter ended on 30th June 2021. There was no debt outstanding on 30th June 2021. Total operating expenses in the third quarter of fiscal 2021 were $3.0 million. Total operating expenses were $1.6 million in the same period of the prior year.
