Trinity Delta Lighthouse: Nexstim
Trinity Delta view: New funds, coupled with cost saving measures announced in March and the €0.9m debt cancellation of Business Finland R&D loans, will extend Nexstim’s cash runway into 2021. The stronger balance sheet provides Nexstim with the resources to continue to support its existing NBS (Diagnostics) and NBT (Therapy) businesses, in addition to investing in pilot studies to explore exciting and potentially highly lucrative new opportunities for its NBT SmartFocus navigated TMS (transcranial magnetic stimulation) system.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. However, limited clinical data exists regarding the efficacy of an intensive TMS approach. If pilot studies in chronic pain (where NBT is CE marked but not yet FDA approved) and in hospitalised severe major depressive disorder patients who may have suicidal ideation (a distinct new in-patient TMS market) generate evidence of improved patient outcomes, this should increase the NBT market opportunity and also provide compelling differentiation over competing TMS systems.
We note that Nexstim is currently undergoing a strategic review and update which is expected to conclude in the spring. Ahead of this, and the closing of the fund raise, we maintain our €31.4m (€0.50/share) valuation.
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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