Company announcement, Helsinki, 6 June 2017 at 7:00 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 the Company’s Board of Directors has today resolved to issue 1,475,244 new shares to the Finnish Innovation Fund Sitra with an aggregate subscription price of EUR 285,526.10. The new shares have been issued based on the authorisation received from the Company’s Extraordinary General Meeting on 20 February 2017 and the stand-by equity distribution agreement (SEDA) with Bracknor Investment and the Finnish Innovation Fund Sitra announced on 21 July 2016. The new shares will be listed on approximately 12 June 2017. After this issue of new shares, the total number of registered shares in the Company will be 86,053,694.
Post this share issue, the Company will have received approximately a total of EUR 1.8 million in funding from Sitra based on the SEDA. Furthermore, the 5,000,000 shares allocated to Sitra under the SEDA by the Extraordinary General Meeting held on 20 February 2017 have now been fully subscribed for and the authorisations granted by the Extraordinary General Meeting have been used in full. Save for the exercising of the warrants issued in connection with the arrangement announced on 21 July 2016, said financing arrangement has now been completed. A maximum of 31,801,597 shares in the Company may be subscribed for based on the unexercised warrants with the subscription price ranging from EUR 0.2773-0.8539 per share. Exercising all the unexercised warrants in accordance with the subscription prices of the warrants’ terms and conditions would amount to an aggregate value of approximately EUR 14.3 million.
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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