Patient registry shows promising outcomes in MDD
Lighthouse | 20 April 2020
Trinity Delta view: A major focus area for Nexstim is gaining market traction with its NBT platform in MDD. Good momentum is being shown so far: FY19 NBT Therapy sales grew +131% to €1.5m. Growing usage generates more patient registry data, and this valuable clinical evidence, whether published in white papers or journals, will support marketing efforts to drive further adoption. While the COVID-19 pandemic will have repercussions on commercial activities, we note that core NBT use in MDD is in out-patient psychiatric clinics/TMS centres with an active installed base of 23 systems at end-FY19. Nexstim also continues to explore potential entry into a distinct new in-patient TMS market: treating hospitalised severe MDD patients who may have suicidal ideation. NBT would be well suited given intensive treatment protocols and a need for accurate targeting.
Nexstim’s strategic review and update is expected to conclude in the spring. This aims to refine the long-term outlook and financial objectives across the Therapy (NBT) and Diagnostics (NBS) businesses and includes evaluating various funding options and strategic alternatives. Ahead of this, we maintain our €31.4m (€0.50/share) valuation.
20 April 2020
Nexstim is a targeted neuro-modulation company that has developed a proprietary navigated rTMS platform for use in diagnostics (NBS) and therapeutics (NBT). NBS is used in planning brain surgery while NBT is focused on depression and chronic pain. FDA approval for depression was given in 2017, and the focus is on its commercial roll out in the US, Europe and Asia.
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