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

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

PRAIRIE, Minn., August 11, 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 third quarter of fiscal year 2022 ended June 30, 2022.

Quarter and Recent Business Updates

Rosa, CEO of NeuroOne commented, "The Company made great strides in the third fiscal quarter of 2022 and subsequent six weeks.

Significant progress was made in testing our Evo sEEG electrode and on August 9th we re-submitted to the FDA a special 510(k)

seeking clearance for <30 day use. In addition, we were excited to have the first Evo sEEG case performed by Dr. Robert Gross of Emory

University for less than 24 hour use. We were also successful in reducing costs by completing validation of a new cable assembly and

extending shelf life of the Evo Cortical electrode product lines. A backup supplier for our electrodes was also qualified providing additional

insurance for our supply chain. Regarding our ablation system which we have named OneRF we successfully completed bench top testing

for the entire system.

we are excited that Zimmer Biomet agreed to an accelerated $3.5M milestone payment for the Evo sEEG electrode." Rosa continued,

"This amendment to our agreement provides NeuroOne with near term capital without the need for a highly dilutive financing and

reinforces our ongoing partnership with Zimmer Biomet."

Quarter of Fiscal 2022 Financial Results

revenue was $32,000 in the third quarter of fiscal 2022, compared to product revenue of $40,000 in the third quarter of fiscal

2021. Collaboration revenue was delayed in the third quarter of fiscal 2022 due to the FDA decision, compared to collaboration

revenue of $17,000 in the third quarter of fiscal 2021. Collaboration revenue is derived from the Zimmer Development Agreement

and represents the portion of the upfront initial development fee payment eligible for revenue recognition as of June 30, 2022.

operating expenses in the third quarter of fiscal 2022 were $2.8 million, compared with $3.0 million in the prior year third

quarter. R&D expense in the third quarter of fiscal 2022 was $1.2 million, compared with $0.9 million in the same period

of fiscal 2021. SG&A expense in the third quarter of fiscal 2022 was $1.5 million, compared with $2.1 million in the prior

loss for the third quarter of fiscal 2022 was $2.8 million, compared to a net loss of $3.0 million in the third quarter of

of June 30, 2022, the Company had cash of approximately $10.2 million, compared to $6.9 million as of September 30, 2021, the end of

the Company's most recent fiscal year. The Company had no debt outstanding as of June 30, 2022.

Call and Webcast Information

August 11, 2022 - 5:30 PM Eastern Time

/ 201-612-7415, Access ID: 13732116; available through August 25, 2022

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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.

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, cost reduction of our new cable assembly, shelf life for Evo cortical electrodes,

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

Federal law restricts this device to sale by or on the order of a physician"