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Partnership Enables ClearPoint Neuro to Compete in New and Complementary Markets
IRVINE, Calif. and SALT LAKE CITY, Utah, Feb. 11, 2021 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced a multi-product joint development and option agreement with Blackrock Microsystems (“Blackrock”). Blackrock is a technology leader in the neuroscience, neural engineering, and neural prosthetics space, and specializes in implantable electrode arrays, most notably the Utah Array, capable of measuring individual neuronal activity. Blackrock electrodes are used in brain-computer-interfaces to restore function for patients suffering from spinal cord injuries, neurological disorders and amyotrophic lateral sclerosis or ALS.
“We are thrilled to announce this partnership with Blackrock and enter several existing Neurosurgery markets, representing an estimated combined addressable market of over $100 million, with differentiated and innovative products,” commented Joe Burnett, President and CEO of ClearPoint Neuro. “We believe that Blackrock’s expertise in making the most precise neuro-electrodes 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 expect initial product launches in 2023, starting with the Microelectric Recording (“MER”) platform and to be followed with offerings including “smart” biopsy needles and other implantable neural electrodes. MER will allow us to expand beyond the MRI suite and into the Operating Room (“OR”) where more than 90% of deep brain stimulation procedures are performed today. ClearPoint’s goal is to supply a portfolio of products for both the MRI and the OR, allowing surgeons to decide which arena they feel is more appropriate for each individual patient presentation.”
“ClearPoint’s market leadership and focus on the Neurosurgery markets, paired with our ability to incorporate precision technology, make this partnership an ideal configuration,” said Marcus Gerhardt, CEO of Blackrock Microsystems. “This is a critical next step for our Neuro Devices business to provide enabling technology and products for improved patient outcomes. We look forward to working with Joe and his team on our joint mission to generate greater efficiency in neurosurgery processes and improvements in patient care.”
About ClearPoint Neuro
ClearPoint Neuro’s mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company’s current product portfolio include deep-brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. The ClearPoint Neuro Navigation System has FDA clearance, is CE-marked, and is installed in over 60 active clinical sites in the United States, Canada, and Europe. The Company’s SmartFlow® cannula is being used in partnership or evaluation with 25 individual biologics and drug delivery companies in various stages from preclinical research to late-stage regulatory trials. To date, more than 4,000 cases have been performed and supported by the Company’s field-based clinical specialist team which offers support and services for our partners. For more information, please visit www.clearpointneuro.com.
About Blackrock Microsystems
Blackrock Microsystem’s mission is to provide innovative tools and neurotech expertise to translate technology into novel, implantable clinical solutions that improve human lives. We are the leading provider of technology in the neuroscience, neural engineering, and neural prosthetics space. Blackrock’s technology is at the core of worldwide innovations in Brain-Computer-Interfaces (BCI). Enabled by our expertise in precision electrode technology, signal processing and stimulation, BCIPioneers have been able to MoveAgain, WalkAgain and TalkAgain. For more information, please visit www.blackrockmicro.com.
Statements herein concerning the Company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating 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, commercialize and achieve broader market acceptance for the Company’s ClearPoint Neuro Navigation System products; and estimates regarding the sufficiency of the Company’s cash resources. More detailed information on these and additional factors that could affect the Company’s actual results are described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2020, both of which have been filed with the Securities and Exchange Commission, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which the Company intends to file with the Securities and Exchange Commission on or before March 31, 2021.
CONTACT: ClearPoint Contact: Danilo D’Alessandro, Chief Financial Officer (949) 900-6833 firstname.lastname@example.org Jacqueline Keller, Vice President, Marketing (949) 900-6833 email@example.com Blackrock Microsystems Contact: Marcus Gerhardt, CEO (801) 582-5533 firstname.lastname@example.org Shilo Case, Marketing Manager (801) 582-5533 email@example.com