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Finland's Nexstim Announces New Financing Totaling EUR 6 Million


3/26/2009 8:00:25 AM

HELSINKI--(BUSINESS WIRE)--Nexstim Oy, a medical device company developing non-invasive brain imaging technologies, today announced that it has secured approximately EUR 6 million from existing shareholders and TEKES, the Finnish Funding Agency for Technology and Innovation. To date, Nexstim has raised EUR 20 million, of which approximately EUR 14 million in the last two years.

Nexstim’s existing investors have agreed to subscribe to a EUR 3 million loan based convertible bond. Investors include HealthCap and LSP (Life Sciences Partners), as well as Sitra and Finnish Industry Investment Ltd. Nexstim also received grants and loans of EUR 2.72 million from TEKES to fund a research and clinical development program in stroke.

Jukka-Pekka Särkkä, Managing Director of Nexstim commented, "These are important investments for Nexstim. The new financing enables us to finalize our application to the U.S. Food and Drug Administration (FDA) for marketing clearance of the NBS System in the world’s largest healthcare market. The TEKES funding will help significantly accelerate our program for NBS in stroke."

About Nexstim and NBS Nexstim was founded in 2000 to commercialize Navigated Brain Stimulation (NBS), the combination of stereotactic MRI-guided transcranial magnetic stimulation (TMS) and EEG/EMG response measurement. With NBS, an operator moves a hand-held TMS coil over a patient´s head to deliver a series of short pulses to briefly activate the upper layer of the brain. Responses in the patient´s muscles, measured by EMG, reveal the critical motor areas in the cortex. A standard MR-image of the brain structure allows stereotactic navigation and the NBS system displays the exact location of the electric field in a 3D image of the patient’s brain. The operator can change the field location by moving the coil anywhere over the patient’s head - much like driving with GPS. NBS is safe and completely non-invasive.

NBS has multiple applications in functional brain diagnostics, including cortical mapping prior to surgery and evaluating brain damage following stroke. Therapeutic applications in stroke also hold great promise for NBS. See: http://www.nexstim.com

NBS System is CE-marked. Caution: in the United States the NBS System is limited by Federal law to investigational use.

Contact:

Mr. Jukka-Pekka Särkkä Managing Director Nexstim Oy Mobile +358 40 538 9593 jukka-pekka.sarkka@nexstim.com


Read at BioSpace.com


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