Company announcement, insider information, Helsinki, 18 March 2020, at 9.00 (EET)
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") announces that it will initiate co-operation negotiations concerning all personnel in Finland.
The effects of the global coronavirus situation are expected to have a negative impact on the Company’s business environment in the short term. Company additionally sees that adjustment measures are essential to safeguard the company's productional and economical operating conditions. Nexstim Group aims to reach up to EUR 3 million annual savings from its global operations. The execution of the cost saving plan will begin immediately.
According to preliminary estimation by the Company, the co-operation negotiations in Finland may result in a reduction of the number of employees as well as indefinite lay-offs. The maximum number of employees subject to termination of the employment is estimated to be five. The lay-off plans concern all personnel and all personnel groups. The co-operation negotiations concern all personnel groups. It is estimated that the co-operation negotiations will be concluded by the beginning of April.
Further information is available on the website www.nexstim.com, or by contacting:
Mikko Karvinen, toimitusjohtaja
+358 50 326 4101
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 Finland and Nasdaq First North Sweden.