Company announcement, Helsinki, 14 December 2017, at 9 AM – Nexstim Plc (NXTMH:HEX, NXTMS:STO) (“Nexstim” or the “Company”), a medical technology company with a pioneering navigated non-invasive brain stimulation system, announces that, pursuant to the authorisation received from the Company's Annual General Meeting on 31 March 2016 and the restricted share unit reward plan, the Board of Directors of the Company has today resolved on issuing altogether 9,910 new shares without payment to two members of the Board of Directors.
Each participant of the plan will receive 4,955 shares based on the amount of the gross reward for the vesting period 2016?2017 determined by the annual general meeting. Due to technical reasons relating to the delivery of such shares, the company has not been able to issue such shares in the timeframe anticipated in the restricted share unit plan, which was within four weeks from the 2017 annual general meeting of shareholders. As regards one board member, an amount corresponding to 4,955 shares is paid in cash due to very weighty reasons as provided for in the restricted share unit plan.
The participating members of the board of the reward plan are Ken Charhut, Juliet Thompson and Rohan J. Hoare. The new shares will be listed approximately on 19 December 2017. After the issuance the total number of registered shares in the Company will be 93,173,604.
Martin Jamieson, CEO
About Nexstim Plc
Nexstim is a medical technology company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic (NBT® system) and diagnostic (NBS system) applications. Nexstim's NBS system is the only FDA cleared and CE marked system based on navigated Transcranial Magnetic Stimulation (nTMS) for the pre-surgical mapping of the speech and motor cortices of the brain. Based on the same technology platform, the Company has developed the Navigated Brain Therapy (NBT®) which is CE marked in Europe for the treatment of stroke, major depression and chronic neuropathic pain.
Nexstim has received clearance from the FDA for marketing and commercial distribution of its NBT® system for the treatment of Major Depressive Disorder (MDD) and looks forward to introducing the NBT® system for this important indication during H1 2018.
The NBT® system is currently in a 60 patient, supplemental Phase III study, E-FIT trial, for its use in stroke rehabilitation. The trial is expected to complete in mid-2018, allowing Nexstim to file for FDA clearance. FDA clearance would allow Nexstim to start marketing and selling its NBT® system for stroke rehabilitation in the USA.
Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden.