Company announcement, Helsinki 2 October 2019 at 9.00 AM (EEST)
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") – the company developing and marketing a unique brain stimulation technology for personalized treatment of major depressive disorder (MDD), announces that it is in discussions with a leading California based academic institution regarding the licensing of their technology to treat patients with severe depression, who are hospitalised and may have suicidal ideation.
This project could open an exciting new TMS market for treatment resistant depression (TRD), which is distinct from the current market.
Martin Jamieson, Chairman and CEO of Nexstim, commented: “The combination of this technology and Nexstim’s SmartFocus® navigation promises to provide an effective new therapeutic option for this highly treatment resistant population. We believe that Nexstim’s unique navigation precision is crucial in delivering improved treatment outcomes. The market opportunity is also very attractive, particularly in the USA, where approximately 650 psychiatric hospitals treat an estimated 160,000 patients annually.”
There can be no assurance that the discussions will result in a licensing agreement. The Company has not set a timetable for the discussions, and it does not intend to comment further unless the Company has otherwise determined that further disclosure is appropriate or required by law.
Further information is available on the website www.nexstim.com, or by contacting:
Martin Jamieson, Chairman and CEO
+44 771 516 3942
Sisu Partners Oy (Certified Adviser)
+ 358 40 842 4479
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.