Preliminary unaudited revenue expected to be between
Company begins 2024 with cash balance of
Announces completion of patient implant milestone in the NAUTILUS trial
Completed initial milestones in first strategic data collaboration, using proprietary biomarker monitoring and data analysis capabilities to support a clinical-stage biotechnology company’s clinical trial
Pilot Launch of Project CARE program to advance RNS System access to community setting expected in 1H 2024
The Company is presenting at the 42nd Annual
Recent Updates Include:
- Preliminary unaudited revenue expected to be between
$17.5 million and$18.0 million for the fourth quarter endedDecember 31, 2023 , representing growth of 37% to 41% versus the fourth quarter of 2022. - Total full year 2023 revenue expected to be between
$64.9 million and$65.4 million grew 43% to 44% versus full year 2022 and came in well above initial 2023 revenue guidance of$50-$52 million . - Cash and short-term investments balance as of December 31, 2023 expected to be
$66.5 million , which includes net proceeds of approximately$7.9 million raised in the fourth quarter from an at-the-market (ATM) equity financing facility, as well as a portion of the proceeds from its biotechnology company data collaboration. - Completed both enrolling and implanting the number of patients required for FDA submission in its NAUTILUS pivotal trial for idiopathic generalized epilepsy (IGE) more than a quarter early.
- Further advanced the Project CARE initiative aimed at expanding access to the RNS System within the community setting. The Company is on track to launch the pilot program in the first half of 2024, with centers already beginning to implant patients as part of the pilot.
- Completed initial milestones in strategic collaboration to provide biomarker data and insights.
NeuroPace anticipates receiving up to$3.7 million in total proceeds from this collaboration over nine quarters.
“I am pleased with what our team was able to accomplish in 2023 and am excited to kick off 2024 with important company milestones ahead,” said
The NAUTILUS pivotal trial is designed to evaluate the safety and effectiveness of the RNS System as a potential treatment option for patients 12 years and older with drug-resistant idiopathic generalized epilepsy. Approximately 1.2 million people in
The Company also completed the initial milestones in its recently announced, first-of-its-kind strategic data collaboration with a clinical-stage biotechnology company that leverages the RNS System’s ability to collect and analyze patient data to generate insights that will help evaluate the biotechnology company’s investigational drug candidate as part of a phase 2a study. The Company believes this collaboration demonstrates how the RNS System’s artificial intelligence and machine learning capabilities can improve patient care.
NeuroPace’s Project CARE initiative, aimed at expanding access to the RNS System into the community setting, remains on track for pilot program launch in the first half of 2024. The Company has been pleased to see the initial support, including from the centers and providers that have not only gone through the contracting process, but have implanted patients, and believes this will be an exciting opportunity for patients and providers in the community epilepsy care setting to gain access to the benefits available through the RNS System. This expansion into the community will not only allow for more patients to receive adequate care closer to their homes but will also create pathways for patients that need more advanced care to be referred to a Comprehensive Epilepsy Center in order to receive the care that they need, helping to close the epilepsy treatment gap. To support these efforts, the Company plans to make some incremental additions to its sales and support teams. The team will remain focused on driving utilization and adoption at currently implanting centers and expanding the RNS System’s footprint in the community.
About
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Forward Looking Statements
In addition to background and historical information, this press release contains “forward-looking statements” based on NeuroPace’s current expectations, forecasts and beliefs, including among other things, the statements related to demand for NeuroPace’s products, fourth quarter 2023 and full-year 2023 revenue and cash balance, business development, partnerships, collaborations, financial guidance, commercial strategy, execution, expansion, operational performance, and growth, above. The preliminary projections set forth in this press release reflect NeuroPace’s current preliminary projections, are subject to the completion of NeuroPace’s audit process, and are subject to change. NeuroPace’s fourth quarter 2023 and full-year 2023 revenue and cash balance results could differ materially from the preliminary projections provided in this press release. These forward-looking statements are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Actual outcomes and results could differ materially due to a number of factors, including the risks and uncertainties described more fully in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in NeuroPace’s public filings with the
Investor Contact:
Managing Director
jfeffer@lifesciadvisors.com
Source:
2024 GlobeNewswire, Inc., source