Trinity Delta Lighthouse: Nexstim
Trinity Delta view: Despite the limited disclosure, this new prototype development deal further highlights the value inherent within Nexstim’s TMS technology platform. Not only will the company receive €0.9m in associated revenues during FY21, but it emphasises the potential of its TMS technology and intellectual property in exploring new business opportunities in both diagnostics (NBS) and therapeutics (NBT), beyond those outlined in Nexstim’s strategic goals.The applicability of the highly accurate brain mapping capabilities of the SmartFocus TMS systems extends to many types of procedures which could benefit patients with brain diseases or disorders.
Nexstim’s priority development projects include pilot studies using accelerated iTBS treatment protocols with NBT in difficult to treat chronic pain and severe depression patients, with the latter due to read out by year-end.
We also note the recent positive update to Nexstim’s FY20 outlook of increased net sales and a decreased operating loss compared with FY19. Our current Nexstim valuation is €32.2m, equivalent to €0.07 per share, although we acknowledge that execution on the strategic plan and positive developments in new business opportunities would unlock 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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