Nexstim: The defining inflection point expected within three weeks
Nexstim has reported encouraging H118 results. The main operational highlight is the first US shipment of an NBT system for use in Major Depression, with further deliveries since the period end. However, the key news is confirmation that the top-line results of the E-FIT stroke trial are expected within three weeks. A positive outcome should lead to the FDA approving Nexstim’s proprietary rTMS platform for the rehabilitation of stroke patients. A comprehensive commercialisation plan has been prepared and a sizeable equity raise to implement this, and fund further clinical development, is planned for later in H218. 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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