Neuroone Medical Technologies (NMTC) Stock: Why It Surged 45.83%

By Amit Chowdhry ● Aug 4, 2022
  • The stock price of Neuroone Medical Technologies (NMTC) surged by 45.83% in the previous trading session. This is why.

The stock price of Neuroone Medical Technologies (NMTC) – a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders – surged by 45.83% in the previous trading session. Investors are responding positively to NeuroOne Medical Technologies announcing that the company entered into an amendment to its Exclusive Development and Distribution Agreement with Zimmer Biomet that will provide the company with a $3.5 million accelerated payment within 10 business days which relates to certain milestone payments. 

Zimmer Biomet is going to receive a warrant to purchase 350,000 shares of the Company’s common stock, with an exercise price of $3.00 per share.

KEY QUOTES:

“I want to thank Zimmer for all their support to date and their confidence in our business, technology and future endeavors. 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.”

— Dave Rosa, Chief Executive Officer of NeuroOne

“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.” Under the Exclusive Development and Distribution Agreement signed by both parties in July 2020, Zimmer Biomet has exclusive global distribution rights to distribute the Company’s Cortical and sEEG diagnostic electrode technology.”

— Brian Hatcher, President of the Trauma, CMFT, Foot and Ankle Division of Zimmer