New Manufacturing Subcontractor for Nexstim Plc
20 August 2015
Helsinki, 20 August 2015 at 8:05 am
-Enhancing global growth capacity for NBT® and NBS systems -
Nexstim Plc (NXTMH:HEX, NXTMS:STO), a medical technology company aiming to improve rehabilitation for stroke patients through the use of non-invasive brain stimulation, today announces that it has selected Sanmina Corporation (“Sanmina”), to manufacture all systems.
Nexstim’s evaluation of primary subcontractors has been conducted in order to better support the Company’s long-term growth strategy with increased demand for its Navigated Brain Stimulation (NBS) and Navigated Brain Therapy (NBT®) systems. Sanmina’s global presence will provide greater flexibility and the ability to produce systems closer to our customers in key markets. It is also anticipated that Sanmina will be able to provide customer after-sales services.
The transfer of system production from Innokas Medical Oy is not expected to affect delivery capabilities for financial year 2015. The transfer project is expected to be completed within six months. The expenses of this transfer are not estimated to be significant.
Janne Huhtala, Chief Executive of Nexstim, commented: “The selection of Sanmina, a global leader in medical manufacturing signals the strong long-term growth strategy for Nexstim for both our NBS and NBT® systems. We look forward to working with Sanmina as we near the interim data read-out from our Phase III study of NBT® in stroke therapy.”
Eeva-Liisa Kylmanen, Vice President and Plant Manager, Sanmina Haukipudas commented: “Sanmina is proud to partner with companies like Nexstim, helping them produce products that improve patient outcomes and quality of life with innovative new treatments for brain stimulation and therapy.”
Janne Huhtala, CEO
For further information please visit www.nexstim.com or contact:
Janne Huhtala, Chief Executive Officer
+358 (0)40 8615046
UB Capital Oy (Certified Adviser)
+358 (0)9 2538 0225
Walter Ahlström / Tom Olsio
Consilium Strategic Communications
+44 (0)20 3709 5700
Mary-Jane Elliott / Ivar Milligan
About Nexstim Plc
Nexstim, formed in 2000 and based in Finland, is a medical technology company aiming to improve rehabilitation for stroke patients. Nexstim has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) device for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the company has developed a device for stroke therapy called Navigated Brain Therapy (NBT®). In H1 2014, Nexstim initiated a two-year pivotal Phase III study at 12 sites in the US aiming to demonstrate the effectiveness of NBT® and gain FDA clearance for commercialisation in post-acute stroke therapy in the US. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visitwww.nexstim.com.
Sanmina Corporation (NASDAQ GS: SANM) is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognised as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to OEMs primarily in the communications, defence and aerospace, industrial and semiconductor systems, medical, multimedia, computing and storage, automotive and energy and clean technology sectors. Sanmina has facilities strategically located in key regions throughout the world. More information regarding the company is available at www.sanmina.com.
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