Company announcement, Inside information, Helsinki, 18 November 2020 at 11.00 am (EET)
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") announces that it has received an order and signed a purchase agreement to develop two prototype systems enabling introduction of a novel research tool for probing and diagnosing the brain.
The buyer of the prototype systems is a foundation based in the United States. The buyer will donate the equipment to certain designated third-party institutions in the United States and Europe. These institutions will conduct the actual research.
The two systems ordered are medical device prototypes based on Nexstim’s Navigated Brain Stimulation (NBS) System using SmartFocus® nTMS technology. In the project, Nexstim will develop these two prototype NBS Systems to allow the introduction of novel stimulation paradigms and diagnostics in the future. These two systems are sold only for research use and they are not FDA cleared or CE marked for any clinical indications.
The delivery of the two prototype systems and EUR 0.9 million revenue recognition are scheduled to take place in H2 2021.
Henri Hannula, Vice President, International Sales and Marketing at Nexstim, commented:” This is a very interesting project to test new ways to probe and diagnose the brain. Like some neuroscientists have said before, sometimes brain diagnostics only by using the traditional imaging tools without TMS feels like being in the museum: ’you can see, but you cannot touch’ — this kind of research project using SmartFocus® nTMS allows researchers to better connect with the brain non-invasively and do diagnostics”.
Mikko Karvinen, CEO of Nexstim, commented: “This prototype system purchase agreement highlights that Nexstim’s unique SmartFocus® technology is generating interest worldwide also as a possible development platform for many types of procedures related to brain diseases and disorders. This also shows the potential of our technology in exploring new business opportunities in the future.”
Further information is available on the website www.nexstim.com, or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
Erik Penser Bank AB (Certified Adviser)
+46 8 463 83 00
About Nexstim Plc
Nexstim is a Finnish, globally operating medical technology company. Our mission is to enable personalized and effective therapies and diagnostics for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology called SmartFocus®.
It is a navigated transcranial magnetic stimulation (nTMS) technology with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain. SmartFocus® technology is used in Nexstim’s proprietary Navigated Brain Therapy (NBT®) system, which is FDA cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBT® system is CE marked for the treatment of major depression and chronic neuropathic pain.
In addition, Nexstim is commercializing its SmartFocus® based Navigated Brain Stimulation (NBS) system for diagnostic applications. 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 Growth Market Finland and Nasdaq First North Growth Market Sweden.