Benzinga | Feb 11, 2021 04:13PM EST

ClearPoint Neuro, Inc. Announces Multi-Product Joint Development & Option Agreement with Blackrock Microsystems

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."