Press release, Helsinki, 11 October 2024 at 10 AM (EEST)
Nexstim Plc’s (NXTMH:HEX) ("Nexstim" or "Company") US private equity company Nexstim Investments, LLC has signed an agreement regarding a strategic alliance with and a minority ownership in a management services organization (MSO) Rapid Recovery TMS MSO, LLC. Nexstim will fund the transaction from cash on hand. The closing of this transaction was effective on 10 October 2024 and subject to customary closing conditions.
Rapid Recovery TMS MSO, LLC was organized to provide management, consulting, administrative, and other support services to RapidRecovery TMS. As part of the partnership, RapidRecovery TMS and Nexstim will be collaborating closely, meaning for example that the clinic will provide Nexstim with anonymous treatment data for its patient registry.
RapidRecovery TMS was first to order and start treatments with the NBS 6 system after the launch of the product in 2023. Clinic founders Dr. Anand Joshi and Dr. Zev Zingher have been active users of their Nexstim system in their first year and have reached impressive results treating depression patients from a wide variety of backgrounds.
Dr. Anand Joshi and Dr. Zev Zingher, founders and owners of RapidRecovery TMS, commented:“We are passionate about making a difference in our community and are excited to engage in a partnership with Nexstim. The ambition that the NBS 6 system demonstrates has answered our needs as we strive for offering the most technologically advanced treatment to our patients. We look forward to widening our impact by growing while keeping our focus on the individual needs of patients that seek help for depression.”
Mikko Karvinen, CEO of Nexstim, says:“Expanding Nexstim’s network of partners and clinics has been one of our key strategic objectives this year. We use careful consideration in choosing our partners and Drs. Joshi and Zingher have impressed us with their experience in treating psychiatric disorders and with achievements already shown at their first clinic RapidRecovery TMS. We look forward to supporting their growth ambitions through this newly formed partnership. MSO partnerships with clinics allows us to help the clinics focus on patient treatment as much as possible while getting more information from the patient interface to support our future development.”
Further information is available on the website www.nexstim.com, or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
mikko.karvinen@nexstim.com
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 5 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 NBS System 6 which is FDA cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBS 6 system is CE marked for the treatment of major depression and chronic neuropathic pain.
Nexstim shares are listed on Nasdaq First North Growth Market Finland.
For more information, please visit www.nexstim.com
About RapidRecovery TMS
RapidRecovery TMS, led by board-certified psychiatrists, specializes in providing deep-brain, MRI-guided transcranial magnetic stimulation (TMS) care to patients in Wilmington, North Carolina. We are committed to helping patient get rapid relief from depressive symptoms and return to living full lives.
Our team of experienced professionals is dedicated to providing personalized care and support to each patient. We understand the challenges that come with treatment-resistant depression and aim to offer an innovative and effective solution.
At RapidRecovery TMS, we believe in the power of technology and innovation in mental health care. Our state-of-the-art equipment and advanced techniques enable us to deliver targeted magnetic stimulation to specific areas of the brain, helping to rebalance brain activity and alleviate symptoms of depression.
For more information, please visit https://www.rapidrecoverytms.com/