ClearPoint Neuro, Inc. Announces Joint Development and Multi-Product Option Agreement with Blackrock Microsystems
Partnership enables ClearPoint Neuro to compete in new and complementary markets
IRVINE, Calif. And SALT LAKE CITY, Utah, February 11, 2021 (GLOBE NEWSWIRE) – ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabled platform company providing navigation and delivery to the brain, today announced a joint development and multi-product option agreement with Blackrock Microsystems (“Blackrock”). Blackrock is a technology leader in the fields of neuroscience, neural engineering and neural prostheses, and specializes in implantable electrode arrays, including the Utah Array, capable of measuring individual neuronal activity. Blackrock electrodes are used in brain-computer interfaces to restore function in patients with spinal cord injury, neurological disorders, and amyotrophic lateral sclerosis or ALS.
“We are delighted to announce this partnership with Blackrock and to enter several existing neurosurgery markets, representing a combined addressable market estimated at over $ 100 million, with differentiated and innovative products,” commented Joe Burnett, President and CEO of ClearPoint Neuro. “We believe that Blackrock’s expertise in manufacturing the most precise neuroelectrodes on the market, combined with ClearPoint’s strengths in navigation, delivery and case support, gives us a clear entry point and path to leadership in established global markets. We anticipate initial product launches in 2023, starting with the Microelectric Recording Platform (“MER”) and being followed by offers including “smart” biopsy needles and other implantable neural electrodes. MER will allow us to expand beyond the MRI room and into the operating room (“OR”) where over 90% of deep brain stimulation procedures are performed today. ClearPoint’s goal is to provide a product portfolio for both MRI and the operating room, allowing surgeons to decide which area they deem most appropriate for each patient presentation.
“ClearPoint’s market leadership and focus in the neurosurgery markets, coupled with our ability to incorporate precision technology, make this partnership an ideal setup,” said Marcus Gerhardt, CEO of Blackrock Microsystems. “This is a critical next step for our Neuro Devices business to deliver enabling technology and products for better patient outcomes. We look forward to working with Joe and his team on our shared mission to generate greater efficiency in neurosurgery processes and improve patient care. “
About ClearPoint Neuro
ClearPoint Neuro’s mission is to improve and restore the quality of life for patients and their families by enabling therapies for the most complex neurological disorders with pinpoint precision. Applications of the Company’s current product portfolio include deep brain stimulation, laser ablation, biopsy, neurosuction, and delivery of drugs, biologics and gene therapy to the brain. The ClearPoint Neuro navigation system is FDA cleared, CE marked, and installed at over 60 active clinical sites in the United States, Canada and Europe. The company’s SmartFlow® cannula is used in partnership or in evaluation with 25 biologics and drug delivery companies at various stages, from preclinical research to advanced regulatory trials. To date, more than 4,000 cases have been completed and managed by the Company’s team of clinical specialists in the field who provide support and services to our partners. For more information, please visit www.clearpointneuro.com.
About Blackrock Microsystems
Blackrock Microsystem’s mission is to provide innovative tools and neurotechnology expertise to translate technology into new implantable clinical solutions that improve human life. We are the leading provider of technologies in the fields of neuroscience, neural engineering and neural prostheses. Blackrock’s technology is at the heart of global innovations in brain-computer interfaces (BCIs). Using our expertise in precision electrode technology, signal processing and stimulation, BCIPioneers were able to MoveAgain, WalkAgain and TalkAgain. For more information, please visit www.blackrockmicro.com.
Forward-looking statements
Statements contained herein concerning the plans, growth and strategies of the Company may include forward-looking statements in the context of federal securities laws. Statements regarding future events, future developments and performance of the Company, as well as management’s expectations, beliefs, plans, estimates or projections regarding the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the actual results of the Company to differ materially from those expressed or implied by forward-looking statements. Uncertainties and particular risks include those related to the impact of COVID-19 and the measures adopted to contain its spread; future revenues from sales of the Company’s ClearPoint Neuro Navigation System products; the Company’s ability to market, market and achieve broader market acceptance for the Company’s ClearPoint Neuro Navigation System products; and estimates regarding the Company’s liquidity adequacy. More detailed information on these and other factors that could affect the actual results of the Company are described in the “Risk Factors” section of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2019. and in the Company’s quarterly report on form. 10-Q for the quarter ended September 30, 2020, both filed with the Securities and Exchange Commission, and the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2020, which the Company has l ” intends to file with the Securities and Exchange Commission no later than March 31, 2021.
CONTACT: ClearPoint Contact: Danilo D’Alessandro, Chief Financial Officer (949) 900-6833 [email protected] Jacqueline Keller, Vice President, Marketing (949) 900-6833 [email protected] Blackrock Microsystems Contact: Marcus Gerhardt, CEO (801) 582-5533 [email protected] Shilo Case, Marketing Manager (801) 582-5533 [email protected]
