Company announcement, Helsinki, 18 June 2018 at 9:00 am – Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), the targeted neuromodulation company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic and diagnostic application, announces that it is raising new equity financing of the gross amount EUR 0.96 million via a directed issue of new shares to a Belgium-based Capricorn Health-tech Fund.
The Company’s Board of Directors resolved to issue up to 4,000,000 new shares at a subscription price of EUR 0.24 per share, resulting in an aggregate subscription price of EUR 960,000 (before any expenses relating to the share issue) representing approximately 4.1 per cent of all the shares in the Company after the registration. The new shares will be issued based on an authorisation received at the Company's Annual General Meeting on 28 March 2018. The subscription price shall be recorded in its entirety into invested unrestricted equity fund.
The new shares are expected to be registered with the Finnish Trade Register on or about 20 June 2018 and are expected to be listed on First North Finland and First North Sweden on or about 21 June 2018. After the issued shares have been registered with the Finnish Trade Register, the total number of registered shares in the Company will be 97,531,529.
Nexstim plans to use this financing for commercialisation of its NBT® system in the US and Europe. The NBT® system is based on Nexstim’s unique SmartFocusTM TMS technology which allows for targeted, reproducible brain stimulation in therapy.
Commenting on the share issue, Martin Jamieson, Chairman and CEO, Nexstim Plc stated: “We are very pleased to receive the new funds from our long-term investor Capricorn Health-tech Fund. Their support reflects confidence in our strategy to commercialise our NBT® system for stroke, depression and pain, major indications where there are clear needs for improved treatment approaches.”
Martin Jamieson, Chairman and CEO
For Further information:
Martin Jamieson, Chairman and CEO
+44 77 1516 3942
Sisu Partners Oy (Certified Adviser)
+358 (0)10 231 4560
Citigate Dewe Rogerson
+44 (0)207 2822949
David Dible/Shabnam Bashir/Isabelle Andrews
About Capricorn Venture Partners
Capricorn Venture Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as competitive advantage. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. Capricorn Venture Partners is investing out of the venture capital funds Capricorn Health-tech Fund, Capricorn ICT Fund, Capricorn Sustainable Chemistry Fund and Capricorn Cleantech Fund. In addition it is the management company of Quest for Growth, quoted on NYSE Euronext Brussels, and the investment manager of Quest Cleantech Fund, sub-fund of Quest Management SICAV.
About Nexstim Plc
Nexstim is a targeted neuromodulation company focused on developing and commercializing its world-leading navigated non-invasive brain stimulation technology, known as SmartFocusTM TMS (transcranial magnetic stimulation), for therapeutic applications, namely stroke, depression and chronic pain via its Navigated Brain Therapy (NBT®) system.
Nexstim has launched its NBT® system in the US for the treatment of Major Depressive Disorder (MDD) following clearance from the FDA for marketing and commercial distribution for this indication. The NBT® system is CE marked in Europe for the treatment of stroke, major depression and chronic neuropathic pain.
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 US.
In addition, Nexstim is commercialising its Navigated Brain Stimulation (NBS) system for diagnostic applications, based on the same technology. The NBS system is the only FDA cleared and CE marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain.
Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com.