Company announcement, Helsinki, 16 January 2020 at 1.30 PM (EET)
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") announced on October 2, 2019 that it had entered in licensing negotiations with a leading California based academic institution.
The Company now announces that the institution, at this time, has decided not to pursue licensing negotiations with third parties, as they have received full NIH (National Institutes for Health) funding for their clinical and software development programme. Nexstim and the institution are now actively considering other forms of possible collaboration.
Martin Jamieson, CEO of Nexstim, commented: “We are delighted that the institution has received such extensive NIH funding and fully understand their current position. We continue to actively discuss other forms of possible collaboration. We at Nexstim still believe that Nexstim’s unique navigation precision is crucial in delivering improved treatment outcomes. The institute's technology, combined with Nexstim's SmartFocus® technology, could provide a promising new and effective treatment option for highly treatment resistant depression patients.”
Further information is available on the website www.nexstim.com, or by contacting:
Martin Jamieson, 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.