Trinity Delta Lighthouse: Nexstim
Trinity Delta view: Embarking on pilot studies using accelerated iTBS treatment protocols is one of Nexstim’s strategic goals for 2020 (outlined in detail in our August 2020 Update). NBT’s highly accurate mapping capabilities, and the FDA approval of the three-minute Thetaburst protocol in 2019, means it is well-suited to use in intensive treatment protocols. These pilot studies in chronic pain and severe depression, at leading Finnish medical centres, will build the currently limited clinical evidence base for an intensive TMS approach in difficult-to-treat patient groups. NBT is already CE marked for both chronic pain and depression, and FDA approved in depression (but not yet FDA approved for pain). Should these pilot studies generate evidence of improved patient outcomes, this should increase the NBT market opportunity extending it into the hospital in-patient setting and also provide compelling differentiation over competing TMS systems. We currently value Nexstim at €32.2m, equivalent to €0.07 per share.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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