NeuroOne Medical Technologies Corp (NASDAQ: NMTC) shares are trading higher by 25.4% to $1.51 Wednesday morning after the company announced a $3.5 million accelerated milestone payment from Zimmer Biomet. The amendment will also provide Zimmer with 350,000 warrants with an exercise price of $3.00 per share.
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Dave Rosa, Chief Executive Officer of NeuroOne, stated, "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," Rosa added.
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