Nexstim: Planning the next phase of growth
Nexstim is well placed to benefit from the novel accelerated rTMS (transcranial magnetic stimulation) therapy protocols being developed for severe depression and chronic neuropathic pain. Its accurately navigated SmartFocus TMS NBT technology could provide the precision and reproducibility required for clinical success. Promising data, expected in Q121, from the ongoing pilot study in severe depression would guide the format of a proposed double-blind multi-centre trial. Success would open sizeable new treatment opportunities for the NBT platform. Revenues from both NBT and NBS diagnostic systems have proven to be remarkably resilient during the COVID-19 pandemic which, coupled with careful cost control, suggests FY20 results will be in line with our forecasts. Strategic delivery prompts us to upgrade our valuation to €38.4m (€0.09/share), with room for further upside.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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