Nexstim announces that it is raising new equity financing of the gross amount EUR 1.75 million via a directed issue of new shares to a London-based fund managed by City Financial Investment Company Limited.
The Company’s Board of Directors resolved to issue up to 7,000,000 new shares at a subscription price of EUR 0.25 per share, resulting in an aggregate subscription price of EUR 1,750,000 (before any expenses relating to the share issue). The new shares will be issued based on an authorisation received at the Company’s Annual General Meeting on 28 March 2017.
The new shares are expected to be registered with the Finnish Trade Register on or about 30 October 2017 and are expected to be listed on First North Finland and First North Sweden on or about 31 October 2017. After the issued shares have been registered with the Finnish Trade Register, the total number of registered shares in the Company will be 93,163,694.
With this financing, Nexstim is well placed to begin commercialisation of its NBT system for the treatment of stroke, depression and pain in the US and Europe. In the US, Nexstim has filed a 510(k) submission for the treatment of depression with the FDA and is conducting the supplementary Phase III E-FIT trial in patients with stroke. The E-FIT trial is expected to complete in Q2 2018, which would allow Nexstim to file for FDA clearance. The NBT system is CE marked for all three indications in Europe.
The NBT system is based on Nexstim’s navigated Transcranial Magnetic Stimulation (nTMS) which allows for accurate, reproducible brain stimulation in therapy. Following the directed share issue, Nexstim believes it has sufficient funding to support the execution of it strategy through to approximately the end of Q1 2019.