Press release, Helsinki, 22 December 2016, at 12pm
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), a medical technology company with a pioneering navigated non-invasive brain stimulation system, today announces a business update for the year ending 31 December 2016.
Navigated Brain Stimulation
Customer adoption of Navigated Brain Stimulation (NBS) systems for brain mapping is increasing and current users continue to adopt and incorporate the technology into their clinical practice. New customers at various prestigious institutions, world-wide purchasing the technology include: The University of Iowa; Dell Children's Hospital in Austin, Texas; Vivantes Klinikum Neukölln in Germany; Queen Elizabeth Hospital Birmingham in UK, and; Aarhus University Hospital in Denmark.
The NBS technology was highlighted in multiple clinical presentations at various scientific congresses including: Society for Neuro-Oncology Annual Meeting; 8th International Symposium on Navigated Brain Stimulation in Neurosurgery and Neuromodulation; Congress of Neurological Surgeons Annual Meeting; Deutsche Gesellschaft für Neurochirurgie; 20th Scandinavian Course in Neurosurgery; European Association of Neurosurgical Societies Congress; 10th Meeting of the European Low Grade Glioma Network; American Epilepsy Society Meeting, and; American Association of Neurological Surgeons Annual Meeting.
In line with the Company's strategic direction, progress is being made to partner with independent distributors in the U.S. to advance commercial efforts for Nexstim's NBS for brain mapping.
Navigated Brain Therapy
As separately announced yesterday, Nexstim received a positive response and comments from the US Food and Drug Administration on its limited size trial protocol for the proposed Post-Stroke Motor Recovery Trial. The positive response paves the way for a new 60 patient trial with Nexstim's Navigated Brain Therapy (NBT®) in 2017 and Nexstim expects to receive de novo 510(k) clearance in Q4 2018.
In Europe, commercial steps are being conducted around NBT®, working with early adopter clinicians.
Financing
The financing arrangement in the form of a joint deal with Bracknor and Sitra continues on track. Since the beginning of the arrangement announced on 18 August 2016, Nexstim has issued new shares worth EUR 7.7 million in total. The current cash and cash generated from sales, the financing arrangements with Bracknor and Sitra, combined with the strategic changes in the organisation, is estimated to finance the Company until early 2018.
The full year 2016 financial results will be published on Tuesday, February 28, 2017.
Commenting on the business update, Martin Jamieson, CEO of Nexstim, said: "2016 has been a very important year for the Company with significant clinical and financial developments. We continue to make good progress in many key areas and look forward to moving these forward in 2017."
NEXSTIM PLC
Martin Jamieson, CEO
Further information is available on the website www.nexstim.com or by telephone:
Nexstim +447715163942
Martin Jamieson, CEO martin.jamieson@nexstim.com
UB Securities Oy (Certified Adviser) +358 (0)9 2538 0246
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Laura Thornton nexstim@consilium-comms.com
About Nexstim Plc
Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system. It is the first and only FDA cleared and CE marked system based on navigated Transcranial Magnetic Stimulation (nTMS) for pre-surgical mapping of the speech and motor cortices of the brain. Based on the same technology platform, the Company has developed a system called Navigated Brain Therapy (NBT®) which is CE marked for the treatment of chronic neuropathic pain, major depression and stroke. Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com
