EDEN PRAIRIE, Minn. - NeuroOne Medical Technologies Corporation (NASDAQ:NMTC), a medical technology company, announced the first successful implantation of its OneRF™ Ablation electrode on Monday.
This procedure took place at a leading U.S. hospital recognized in the US News & World Best Hospital Report 2023-2024. The OneRF™ Ablation system, which has received FDA 510(k) clearance, is a thin-film electrode technology designed for creating radiofrequency (RF) lesions in nervous tissue during functional neurosurgical procedures.
The implanted Evo® sEEG-RF electrodes are utilized in patients with epilepsy to monitor and identify seizure-causing areas of the brain. The same electrodes can then be used to perform ablation with NeuroOne’s RF generator, a feature that CEO Dave Rosa highlights as a new option for neurosurgeons.
Rosa emphasized the potential of the technology to reduce hospital stays, the number of surgeries, and adverse events, while offering clinical benefits like temperature control for enhanced patient safety.
The OneRF™ Ablation System is the company's first therapeutic device and adds to its lineup of FDA-cleared products, including the Evo® cortical and sEEG electrode lines for brain activity monitoring. NeuroOne estimates the global brain ablation market to be at least $100 million and rapidly expanding.
NeuroOne, focused on minimally invasive and high-definition solutions for EEG recording, brain stimulation, and ablation, aims to improve outcomes for patients with neurological disorders, such as epilepsy, Parkinson's disease, and chronic pain. The company also considers potential applications in other areas like depression, mood disorders, and artificial intelligence.
This news is based on a press release statement and contains forward-looking statements about the company's technology and market potential.
InvestingPro Insights
As NeuroOne Medical Technologies Corporation (NASDAQ:NMTC) takes a significant step with the successful implantation of its OneRF™ Ablation electrode, investors are closely watching the company's financial health and market potential. According to real-time data from InvestingPro, NeuroOne holds a market capitalization of $32.15 million USD. Despite the innovative breakthroughs, the company's financials reflect some challenges. It has a negative P/E ratio, indicating that it is not currently profitable, with a last twelve months P/E ratio as of Q1 2024 at -2.39. Moreover, the company has experienced a decline in revenue growth over the same period, marked by a -22.86% change.
Looking at the company's liquidity, an InvestingPro Tip suggests that NeuroOne's liquid assets exceed its short-term obligations, which could provide some financial flexibility in the near term. However, the same InvestingPro Tip also points out that the company is quickly burning through cash, which could raise concerns about its long-term financial sustainability. Additionally, NeuroOne has been trading at a high Price / Book multiple of 7.28 as of Q1 2024, which could indicate that the stock is relatively expensive compared to its book value.
For investors seeking a deeper dive into NeuroOne's financials and market performance, there are additional InvestingPro Tips available that could provide further insights. For example, the company does not pay a dividend to shareholders, which is important for those looking for income-generating investments. Moreover, analysts do not anticipate the company will be profitable this year, which is a critical factor for future valuation. With these considerations in mind, prospective investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access the full list of tips on InvestingPro, which currently counts 9 additional tips for NeuroOne Medical Technologies Corporation.
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