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Nexstim Attracts Additional Equity Financing - Over EUR 13 Million Raised in Latest Round


5/11/2011 6:26:22 AM

Nexstim Oy, a medical device company commercializing non-invasive brain diagnostic and therapy technologies, today announced that it has obtained an additional equity financing of EUR 2 million, bringing the latest round to EUR 13.4 million.

The latest investment was made by new investor Capricorn Health-tech Fund NV (Belgium). Capricorn joins current investors HealthCap, LSP (Life Sciences Partners), Sitra and Finnish Industry Investment Ltd, as well as Lundbeckfond Ventures and Ilmarinen in this round. To date, Nexstim has raised over EUR 30 million.

Richard Karroum, Nexstim CEO commented, “We are pleased with the high level of interest in Nexstim´s promise of new, non-invasive diagnostic and therapy solutions to clinical challenges in a growing number of applications from neurosurgical planning to neurotherapy in stroke and other neurological conditions.”

Els Hubloux, Senior Investment Manager, Capricorn Venture Partners commented, “In the past 18 months, Nexstim has built an impressive body of evidence proving the value of Navigated Brain Stimulation in neurosurgery. We look forward to seeing the company pioneer navigated stimulation therapy in the stroke and other neurotherapy markets where the unmet needs are immense.” Following the financing, Els Hubloux 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) – non-invasive, image-guided transcranial magnetic stimulation (TMS) - for brain diagnostics and therapy. The NBS System is rapidly becoming the new standard for pre-operative functional brain mapping prior to neurosurgery for tumor resection or epilepsy. The accuracy of the NBS System has been shown to be equivalent to direct cortical stimulation, hitherto considered the "gold standard" method for locating the motor cortex during brain surgery.

The ability of NBS to precisely and reproducibly target non-invasive neurostimulation within the brain holds the promise of new neuromodulation therapies 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 approved for both the USA and European markets.

About Capricorn Venture Partners

Capricorn Venture Partners (Leuven, Belgium) is a pan-European manager of venture capital funds seeking to invest in technology-based growth companies. Capricorn's dedicated investment teams are composed of experienced investment managers with deep technology expertise and a broad industrial experience. Capricorn is investing out of its Capricorn Cleantech Fund and its Capricorn Health-tech Fund. The Capricorn Health-tech Fund is Capricorn’s fourth consecutive venture capital fund and invests in early to mid-stage human health-technology companies in Europe. The human health-tech sector comprises the following subsectors: biopharmaceutical and pharmaceutical drugs, vaccines, medical devices, medical imaging, diagnostics, (research) equipment, nutraceuticals and functional foods. Following its first closing in December 2010, Capricorn Health-tech Fund has started its investment activity whilst continuing fundraising. For more information about Capricorn Venture Partners , please visit www.capricorn.be or contact Dr Jos B. Peeters, Managing Partner (Tel: +32 16 28 41 00, jos@capricorn.be).

Caution to US residents: the NBS System is cleared by the FDA for assessment of the primary motor cortex for pre-procedural planning only.

Contact:

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

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