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Franc Gregori ...
  • Lala Gregorek

Trinity Delta Lighthouse: Nexstim

Trinity Delta view: This Nexstim fund raise was well-flagged, with the issuance of new shares authorised at the EGM on March 1st. New funds will be used mainly to explore Nexstim’s NBT (Navigated Brain Therapy) in accelerated iTBS protocols for severe depression, a development programme that is a key component of the 2020-24 strategic plan. Successful outcomes in future registrational studies with accelerated protocols would open a material, and commercially attractive, new hospital treatment segment for NBT.

Management had indicated in the FY20 results statement that c €3m was required to cover working capital needs, such as support for NBT and NBS growth, for the next 12 months; the additional funds from this raise should also enable achievement of several near and mid-term strategic goals. Once the fund raise closes, we will update our current Nexstim rNPV valuation of €44.2m (€0.10 per share) and conservative estimation that the accelerated iTBS protocol opportunity in depression could add €8.8m (€0.02/share).
Underlying
Nexstim Ltd

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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Trinity Delta
Trinity Delta

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Analysts
Franc Gregori

Lala Gregorek

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