Nexstim Agrees On Extension Of Tekes R&D Loan Repayments
Company announcement, Helsinki, 2 June 2017 at 2:30 pm
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), a medical technology company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic and diagnostic applications, announces that it has agreed with the Finnish Funding Agency for Innovation (Tekes) to a three year extension to the annual loan repayments on two R&D project loans. As a result of this agreement, cash repayments up to a maximum of EUR 1.8 million which were due to be paid from 2017-2019 will now be repaid between 2020 and 2022. The full repayment of these two R&D loans needs to be made to Tekes by the end of 2023.
Commenting on the agreement, Martin Jamieson, Chairman and CEO, Nexstim Plc stated: "This agreement, which reschedules our R&D loan repayment payments to Tekes, will have a positive effect on Nexstim's cash flow and will help to support our working capital needs as we prepare for the commercialisation of the NBT® device for stroke therapy in the US."
NEXSTIM PLC
Martin Jamieson, Chairman and CEO
Further information is available on the website www.nexstim.com or by telephone:
Nexstim +447715163942
Martin Jamieson, Chairman and CEO martin.jamieson@nexstim.com
UB Securities Oy (Certified Adviser) +358 (0)9 2538 0246
Citigate Dewe Rogerson +44 (0)207 2821066
Katja Stout katja.stout@citigatedr.co.uk
About Nexstim Plc
Nexstim is a medical technology company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic (NBT® system) and diagnostic (NBS system) applications. Nexstim's NBS system is the only FDA cleared and CE marked system based on navigated Transcranial Magnetic Stimulation (nTMS) for the pre-surgical mapping of the speech and motor cortices of the brain.
Based on the same technology platform, the Company has developed the Navigated Brain Therapy (NBT®) which is CE marked for the treatment of stroke, major depression and chronic neuropathic pain. The NBT® system is currently in a supplemental Phase III study, E-FIT trial, which will recruit 60 patients. The trial is expected to complete in Q2 2018, allowing Nexstim to file for FDA clearance. FDA clearance would allow Nexstim to start marketing and selling its NBT® system for stroke rehabilitation in the USA.
Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com
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