Company Announcement, Inside information, Helsinki, 11.03.2022 at 09:30 AM (EET)
Nexstim Plc’s (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") US subsidiary Nexstim, Inc. and Dr. Joshua Kuluva signed an agreement regarding a Management Services Organization in the State of California establishing jointly structures that enable a possible collaboration between the parties in November 2021. In addition, the parties have signed a Term Sheet under the terms of which Nexstim has established a private equity company. The purpose of the private equity company is to further expand the network of Nexstim neuroscience centers in the US. The parties continue the negotiations regarding co-operation within the private equity company, where Dr. Joshua Kuluva will have a minority interest.
Mikko Karvinen, CEO of Nexstim, comments: “We first announced our US subsidiary Nexstim, Inc. having signed an agreement of strategic alliance with and a minority ownership in PNC Management Services, LLC. in November 2021. In 2022, one of Nexstim’s key strategic objectives will be in expanding our network of exclusive neuroscience center partner clinics, especially in the United States. We are therefore very happy to announce the establishment of the private equity company, helping us progress in the execution of our strategy.”
Further information is available on the website www.nexstim.com, or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
mikko.karvinen@nexstim.com
Erik Penser Bank AB (certified adviser)
+46 8 463 83 00
certifiedadviser@penser.se
About Joshua Elan Kuluva, MD, Neurologist and Psychiatrist
Dr Kuluva is a neurologist and psychiatrist with a strong academic and research background. Before creating Piedmont Neuroscience Center, Dr. Kuluva was the Director of the Neurology Division at Mindful Health Solutions where he helped to train UCSF residents and created a program designed to explore the use of TMS for neurologic conditions. Dr. Kuluva has a specialty in the treatment of the post-concussive syndrome/chronic traumatic brain injury and has worked closely with both athletes and the general population who are coping with the neuropsychiatric aspects of this condition. Similarly, he has worked with veterans to take care of both the physical and emotional components of their injuries.
Throughout his career, Dr. Kuluva has been active in medical education, teaching at NYU School of Medicine, UCSF/UC Berkeley Joint Medical Program and Touro University College of Osteopathic Medicine. He has published in both the neurologic and psychiatric literature. He is passionate about seeking leading-edge therapies for treatment-resistant neurologic and psychiatric conditions.
Currently, he continues exploring the use of transcranial magnetic stimulation, TMS, to treat neurological conditions such as mild cognitive impairment, chronic pain, migraines, traumatic brain injury, as well as aid in post-stroke recovery.
Visit www.piedmontneurosciencecenter.com for more information.
About Nexstim Plc
Nexstim is a Finnish, globally operating growth-oriented medical technology company. Our mission is to enable personalized and effective diagnostics and therapies for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology for navigated transcranial magnetic stimulation (nTMS) with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.
Nexstim’s Diagnostics Business focuses on commercialization of the Navigated Brain Stimulation (NBS) system. 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’s Therapy Business markets and sells the 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.
Nexstim shares are listed on the Nasdaq First North Growth Market Finland and Nasdaq First North Growth Market Sweden.
For more information, please visit www.nexstim.com