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Nexstim, a Medical Device Company, Raises Over EUR 11 Million in New Equity Financing



1/26/2011 6:28:47 AM

HELSINKI--(BUSINESS WIRE)-- Nexstim Oy, a medical device company commercializing noninvasive brain diagnostic and therapy technologies, today announced that it has closed on additional equity financing of approximately EUR 11.4 million.

The investment round was led by new investor Lundbeckfond Ventures (Denmark), with new investor Ilmarinen Mutual Pension Insurance Company (Finland) also joining Nexstim´s existing venture capital investors HealthCap and LSP (Life Sciences Partners), as well as Sitra and Finnish Industry Investment Ltd.

To date, Nexstim has raised over EUR 30 million.

Richard Karroum, Nexstim CEO commented, "The financing obtained in this round will enable us to significantly expand our sales and marketing activities in Europe and take full advantage of our recent FDA-clearance for marketing in the USA. Beyond presurgical neurodiagnostics, we intend to accelerate development of next-generation solutions for non-invasive neurotherapy in stroke and other neurological conditions with large unmet needs.”

Casper Breum, Investment Director, Lundbeckfond Ventures commented, “Now that Nexstim has proven the clinical value of its technology in neurosurgery, we are excited to be able to help the company realize its potential to become a significant player in the fast-growing global neurodiagnostic and neurotherapy markets.” Following the financing, Casper Breum will join Nexstim´s Board of Directors.

About Nexstim and Navigated Brain Stimulation

Founded in 2000, Finland-based Nexstim Oy is a medical device company developing Navigated Brain Stimulation (NBS) - noninvasive, image-guided transcranial magnetic stimulation (TMS) - for brain diagnostics and therapy. The Nexstim NBS System is rapidly becoming the new standard for preoperative functional brain mapping prior to challenging neurosurgery for tumor or epilepsy. The accuracy of the NBS System has been shown to be equivalent to that of invasive direct cortical stimulation during actual brain tumor surgery, hitherto considered the "gold standard" method for locating the motor cortex.

The ability of NBS to precisely and reproducibly target non-invasive neurostimulation within the brain is expected to offer new non-invasive therapy options for a wide range of brain injuries and diseases, including stroke, depression and pain. Nexstim’s NBS System is the only direct, non-invasive cortical mapping device cleared for sale in both the USA and Europe.

Contact:

Nexstim Richard Karroum, CEO tel. 358 9 2727 1715 richard.karroum@nexstim.com www.nexstim.com


Read at BioSpace.com


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