Zimmer Biomet paid $2 million upfront for the rights to distribute electrodes used in brain surgeries related to epilepsy treatment, according to Minneapolis/St. Paul Business Journal.
Five details:
1. Zimmer acquired distribution rights to the Evo electrodes from NeuroOne Medical Technologies Corp.
2. Zimmer left open the possibility for future payments should it decide to license a second NeuroOne product that is pending FDA approval.
3. NeuroOne partnered with Zimmer because it is a market leader in robotics for epilepsy surgeries, according to NeuroOne CEO Dave Rosa.
4. The deal also frees up NeuroOne's five employees and 12 contractors to focus on accelerating the development of therapeutic technologies, Mr. Rosa said. As NeuroOne's neurological devices qualify for an expedited FDA-approval process, the goal is to launch new products every six to nine months.
5. NeuroOne has now raised $7 million in capital, with $5 million coming from a group of investors.