NeuroOne Reports Second Quarter Fiscal Year 2022 Financial Results and Provides Corporate Update

Reports Second Quarter Fiscal Year 2022 Financial Results and Provides Corporate Update

EDEN PRAIRIE, Minn., May 12, 2022 (PR

Newswire) -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical

technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announces

its operating results for the second quarter of fiscal year 2022 ended March 31, 2022.

Second Quarter and Recent Business Updates

Dave Rosa, CEO of NeuroOne commented, "In

September 2021, NeuroOne received FDA 510(k) clearance for our Evo sEEG product line for less than 24 hour use. Although the FDA did not

provide clearance for longer term use for our sEEG product line, the Company remains confident that the product met ISO 10993 "Biological

Evaluation of Medical Devices - Part 12 and Part 18" requirements for biocompatibility which was the basis of the Company appealing

the FDA decision. We appreciated the FDA's willingness to hear our appeal which occurred on April 14th, 2022. We continue

to remain ready to fulfill our initial stocking order to Zimmer Biomet upon an FDA clearance for less than 30 day use. Additionally, the

development of our RF ablation electrode and hardware remains on schedule as we expect to complete system prototypes by the end of the

third calendar quarter of 2022. We are still targeting submitting for 510(k) clearance for RF ablation in early calendar year 2023. Cost

reduction programs are underway for our cable assembly line, next generation connector and validation of a new electrode supplier in order

to ensure the ability to meet supply requirements to Zimmer Biomet. Our team remains enthusiastic and determined as we make progress across

a number of key commercial and product development objectives for 2022."

Upcoming Targeted Milestones

Second Quarter of Fiscal 2022 Financial

Product revenue was $37,000 in the

second quarter of fiscal 2022, compared to product revenue of $18,000 in the second quarter of fiscal 2021. Collaboration revenue

was delayed in the second quarter of fiscal 2022 due to the FDA decision, compared to collaboration revenue of $20,000 in

the second quarter of fiscal 2021. Collaboration revenue was derived from the Zimmer Development Agreement and represented the portion

of the upfront initial development fee payment eligible for revenue recognition as of March 31, 2022.

Total operating expenses in the second quarter

of fiscal 2022 were $3.0 million, compared with $2.4 million in the same period of the prior year. R&D expense in the second

quarter was $1.8 million, compared with $1.3 million in the same period of fiscal 2021. SG&A expense in the second quarter

of fiscal 2022 was $1.2 million, compared with $1.1 million in the prior year period.

Net loss was $3.1 million for the

second quarter of fiscal 2022, compared to a net loss of $2.4 million in the second quarter of fiscal 2021.

As of March 31, 2022, the Company had

cash of $12.9 million, compared to $16.2 million at December 31, 2021 and $6.9 million at September 30, 2021, our fiscal year

The Company had no debt outstanding at March

Conference Call Information

May 12, 2022 - 4:30 PM Eastern Time

Participant Dial In:

Toll Free: 877 407 8293/ +1 201 689 8349

877-660-6853 / +1 201-612-7415, Access ID: 13729644; available through

Available for 12 months

NeuroOne Medical Technologies Corporation

is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation

and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed

back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. For more information,

visit https://www.n1mtc.com .

Forward Looking Statements

This press release may include forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act

of 1934, as amended. Except for statements of historical fact, any information contained in this presentation may be a forward-looking

statement that reflects NeuroOne's current views about future events and are subject to known and unknown risks, uncertainties and

other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information

expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the words

or phrases "may," "might," "will," "could," "would," "should," "expect,"

"intend," "plan," "objective," "anticipate," "believe," "estimate," "predict,"

"project," "potential," "target," "seek," "contemplate," "continue, "focused

on," "committed to" and "ongoing," or the negative of these terms, or other comparable terminology intended to

identify statements about the future. Forward-looking statements may include statements regarding the development of the Company's

ablation electrode technology program, applications for, or receipt of, regulatory clearance, the timing and extent of product launch

and commercialization of our technology, expected negotiations with Zimmer Biomet, clinical and pre-clinical testing, what the future

may hold for electrical stimulation and NeuroOne's potential role, business strategy, market size, potential growth opportunities, future

operations, future efficiencies, and other financial and operating information. Although NeuroOne believes that we have a reasonable basis

for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known

by us and our expectations of the future, about which we cannot be certain. Our actual future results may be materially different from

what we expect due to factors largely outside our control, including risks that the partnership with Zimmer Biomet may not facilitate

the commercialization or market acceptance of our technology; risks that our sEEG electrodes may not be ready for commercialization in

a timely manner or at all, whether due to supply chain disruptions, labor shortages, the impact of COVID-19 or otherwise; risks that our

technology will not perform as expected based on results of our pre-clinical and clinical trials; risks related to uncertainties associated

with the Company's capital requirements to achieve its business objectives and ability to raise additional funds; the risk that the COVID-19

pandemic will continue to adversely impact our business; the risk that we may not be able to secure or retain coverage or adequate reimbursement

for our technology; uncertainties inherent in the development process of our technology; risks related to changes in regulatory requirements

or decisions of regulatory authorities; that we may not have accurately estimated the size and growth potential of the markets for our

technology; risks relate to clinical trial patient enrollment and the results of clinical trials; that we may be unable to protect our

intellectual property rights; and other risks, uncertainties and assumptions, including those described under the heading "Risk Factors"

in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press

release and NeuroOne undertakes no obligation to revise or update any forward-looking statements for any reason, even if new information

becomes available in the future.

"Caution: Federal law restricts this

device to sale by or on the order of a physician"