Company announcement, insider information, Helsinki, 26 March 2020, at 7.00 pm (EET)
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), announces that it has completed the co-operation negotiations.
On 18 March 2020 the Company announced that it will initiate co-operation negotiations concerning all personnel in Finland, as a part of Nexstim Group cost savings plan aiming to reach up to EUR 3 million annual savings from its global operations.
The co-operation negotiations in Finland have now ended and as a result, the Company decided to temporarily lay off all its personnel for maximum of 90 days. The lay offs may be executed as full time or part time lay offs. There were no terminations of employment in Finland. The cost savings plan led to termination of employment of total of six persons in the Company’s foreign subsidiaries.
The Company estimates that with these cost saving measures, it will reach savings of approximately EUR 0.8 million during the next three months, with which when annualized, the Company will reach its target of up to EUR 3 million annual savings.
Further information is available on the website www.nexstim.com, or by contacting:
Mikko Karvinen, toimitusjohtaja
+358 50 326 4101
mikko.karvinen@nexstim.com
Sisu Partners Oy (Certified Adviser)
Jussi Majamaa
+ 358 40 842 4479
jussi.majamaa@sisupartners.com
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.