Nexstim: Entering the next stimulating phase
Nexstim has emerged from its troubled past and is approaching a defining point as we await the results of the E-FIT stroke trial (expected Q318). The outcome will determine the FDA’s response on approving Nexstim’s proprietary rTMS platform for the rehabilitation of stroke patients. Success would further differentiate the device and demonstrate the value of its navigation technology. Whilst not without risks, we believe the current valuation fails to reflect the material progress achieved since the well documented failure of the pivotal NICHE study and subsequent dilutive fund raises. We value Nexstim at €120m, equivalent to €0.97 per share (fully diluted).Nexstim Oyj. Nexstim Oyj is a Finland-based medical technology company. It is focused on improving rehabilitation for stroke patients through the use of noninvasive brain stimulation. Its offering comprises: a diagnostic tool for brain surgery planning, Navigated Brain Stimulation (NBS) System, which comprises navigated transcranial magnetic stimulation (nTMS) device for presurgical mapping (PSM) of the motor and speech cortices; and a device for stroke therapy called Navigated Brain Therapy (NBT) System, which focuses stimulation on targeted locations in the brain in order to enhance rehabilitation process. The NBT System targets upper limb motor disability and is under Phase III pivotal clinical trial study at rehabilitation sites in the United States. The Company's systems are used in over 100 facilities in research, therapy and neurosurgical planning purposes. Nexstim Oyj has two subsidiaries: Nexstim Inc and Nexstim Germany GmbH.
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