Pilot studies lift off in depression and pain
Lighthouse | 25 September 2020
Trinity Delta view: Embarking on pilot studies using accelerated iTBS treatment protocols is one of Nexstim’s strategic goals for 2020 (outlined in detail in our August 2020 Update). NBT’s highly accurate mapping capabilities, and the FDA approval of the three-minute Thetaburst protocol in 2019, means it is well-suited to use in intensive treatment protocols. These pilot studies in chronic pain and severe depression, at leading Finnish medical centres, will build the currently limited clinical evidence base for an intensive TMS approach in difficult-to-treat patient groups. NBT is already CE marked for both chronic pain and depression, and FDA approved in depression (but not yet FDA approved for pain). Should these pilot studies generate evidence of improved patient outcomes, this should increase the NBT market opportunity extending it into the hospital in-patient setting and also provide compelling differentiation over competing TMS systems. We currently value Nexstim at €32.2m, equivalent to €0.07 per share.
25 September 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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