Nexstim has announced its intention to proceed with an Initial Public Offering of Nexstim on NASDAQ OMX First North Finland and NASDAQ OMX First North Sweden (“Admission”). It is expected that the Admission will occur in the 4th Quarter of 2014.
Nexstim has developed a technology which allows a non-invasive targeting of a specific area of the brain with high accuracy. Nexstim has pioneered the technology as a diagnostic tool for brain surgery planning with its Navigated Brain Stimulation (NBS) System. The NBS System is the first and only FDA cleared and CE marked device utilising so-called navigated transcranial magnetic stimulation (nTMS) for mapping of the motor and speech cortices.
Based on the same technology platform the company has developed a device for stroke therapy called Navigated Brain Therapy (NBT), which focuses stimulation on targeted locations in the brain to enhance and accelerate stroke rehabilitation by removing natural barriers for recovery. The NBT System was tested in a phase II proof of concept study in 29 post-acute stroke patients to study the effect on hand and arm function in connection with rehabilitation. The patients were randomised into two groups of which a group of 19 patients received NBT therapy and a group of 10 patients received sham (placebo) treatment. Out of the group receiving NBT treatment, 84% of the patients showed a clinically important improvement in motor function of the upper extremity six months after treatment compared to 50% in the sham group. The difference was statistically significant (p<0.05).
Nexstim has earlier this year initiated a two-year clinical phase III study at 12 prominent rehabilitation sites in the USA, aiming to demonstrate the effectiveness of the NBT System and to obtain an FDA clearance for marketing the device for post-acute stroke treatment in the USA.