Company announcement, inside information, Helsinki, 22.11.2021 one 9 AM (ESSEN)
Next time Awishes a strategic investment into it a management services organization from a California Based clinic Providing treatments for depression sufferers
The US subsidiary Nexstim, Inc. of Nexstim Plc (NXTMH: HEX, NXTMS: STO) (“Nexstim” or “Company”) has signed a strategic alliance agreement with and a minority interest in PNC Management Services, LLC. Nexstim, Inc. will fund the transaction with cash. The transaction price is estimated at around EUR 0.5 million. The closing of this transaction is subject to customary closing conditions and is expected to close in the coming weeks.
PNC Management Services, LLC was established to provide management, advisory, administrative, and other support services to Piedmont Neuroscience Center, Inc. As part of the partnership, a Nexstim system will be sold to PNC Management Services, LLC, which will be used to treat patients with major depression (MDD) at the Piedmont Neuroscience Center clinic. The clinic will work closely with Nexstim to provide the company with anonymous treatment data for its patient registry.
Treatment for MDD is increasingly shifting to TMS technology, and the US is the single largest country in providing TMS treatments. Reimbursement for treatment for MDD in the US supports the growth of TMS treatments. This investment will offer growth potential for Nexstim through its new business model.
Joshua Elan Kuluva, MD, neurologist and psychiatrist, President of the Piedmont Neuroscience Center commented: “We are looking forward to it cooperation with Nexstim. At Piedmont NeurosciencyCe center, we use Transcranial magnetic stimulation treat neurological and psychiatric Disruptions like major depression (MDD). Dies cooperation offers us a great opportunity continue to expand our resources to bring the benefits of TMS treatments to as many patients as possible.”
Mikko Karvinen, CEO of Nexstim, commented: “We are very like to announce positive Progress on Dies Key strategy Goal for 2021. Nexstim enables TMS treatments for patients with major depressive DEqual Order (MDD), and This partnership enables us to work close to the patient to will more detailed information from the patient interface. We are happy about the ppartnership together with Dr. Kuluva and his clinic because we believe that this type of collaboration offers us great opportunities for further growth in the future. Treatin MDD Patients with our unique SmartFocus® technology hat beautiful demonstraten great results with a remission rate of over 50% based on the treatment data in our patient registry. W.e Waiting longingly jobing together with Dr. Kuluva’s expert Make teamis Next time treatment Technology Available for a growing number of Patients in California. “
For more information, please visit www.nexstim.com or contact:
Mikko Karvinen, CEO
+358 50 326 4101
Erik Penser Bank AB (certified advisor)
+46 8 463 83 00
About Joshua Elan Kuluva, MD, neurologist and psychiatrist
Dr. Kuluva is a neurologist and psychiatrist with a strong academic and scientific background. Before founding the Piedmont Neuroscience Center, Dr. Kuluva director of the neurology department at Mindful Health Solutions, where he helped train UCSF residents and developed a program to research the use of TMS in neurological disorders. Dr. Kuluva specializes in the treatment of Post-Concussive Syndrome / Chronic Traumatic Brain Injury and has worked closely with athletes and the general population who are dealing with the neuropsychiatric aspects of this condition. Similarly, he has worked with veterans to deal with the physical and emotional components of their injuries.
During his career, Dr. Kuluva is a medical educator, has taught at NYU School of Medicine, UCSF / UC Berkeley Joint Medical Program, and Touro University College of Osteopathic Medicine. He has published in both the neurological and psychiatric literature. He is passionate about finding cutting-edge therapies for treatment-resistant neurological and psychiatric diseases. He is currently still researching the use of transcranial magnetic stimulation (TMS) to treat neurological disorders such as mild cognitive impairment, chronic pain, migraines, traumatic brain injuries and to support recovery after a stroke.
Visit www.piedmontneurosciencecenter.com for more information.
About Nexstim Plc
Nexstim is a Finnish, global, growth-oriented medical technology company. Our mission is to enable personalized and effective diagnostics and therapies for demanding diseases and disorders of the brain.
Nexstim has developed a world-leading non-invasive brain stimulation technology for Navigated Transcranial Magnetic Stimulation (nTMS) with advanced 3D navigation that enables precise and personalized targeting of the TMS to the specific area of the brain.
Nexstim’s diagnostics business is focused on commercializing the Navigated Brain Stimulation (NBS) system. The NBS system is the only FDA cleared and CE marked navigated TMS system for preoperative mapping of the speech and motor cortices of the brain.
Nexstim’s therapy business markets and markets the Navigated Brain Therapy (NBT®) system, which is FDA approved for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBT® system for the treatment of major depression and chronic neuropathic pain is CE marked.
Nexstim’s shares are listed on Nasdaq First North Growth Market Finland and Nasdaq First North Growth Market Sweden.
More information is available at www.nexstim.com
Nexstim Plc Company_Announcement_Private Clinic US_Nov 2021_DE_22112021_FINAL