Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), a medical technology company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic and diagnostic applications, announces that Business Finland has granted the Company an R&D loan amounting to approximately EUR 1 million for the development of a next-generation user interface (GUI) for the Navigated Brain Therapy (NBT®) System indicated for the treatment of Major Depressive Disorder (MDD) and chronic neuropathic pain. To enable extensive therapeutic use of the NBT® System, the project is a major part of Nexstim’s commercialisation process of its therapeutic products.
The loan is unsecured, and the interest rate is three percentage points below the base interest rate, or at least one percent. The loan period is seven years and the three first three years are amortisation-free. The loan will be repaid in annual instalments.
Martin Jamieson, Chairman and CEO
About Business Finland
Business Finland is an accelerator of global growth creating new growth by helping businesses go global and by supporting and funding innovations. Top experts and the latest research data enable companies to seize market opportunities and turn them into success stories.
Business Finland was created on 1st January 2018 by the merger of two organizations: Finpro, which offered services for internationalization, investments and tourism promotion, and Tekes, which offered funding for innovation activities. Business Finland aims to develop Finland into the most attractive and ?competitive innovation environment for companies to grow, change, and succeed.
Business Finland’s strategy is twofold: to enable companies to grow internationally, and to create world-class business ecosystems and a competitive business environment for Finland.
Business Finland employs a total of 600 experts in 40 offices overseas, and in 18 regional offices throughout Finland. Business Finland is part of the Team Finland network.
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 Q2 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.