Voluntary loan repayments remove Kreos uncertainty
Lighthouse | 17 September 2019
Trinity Delta view: The agreement with Kreos to repay part of the loan ahead of schedule removes much of the concern that Kreos might call in its loan early, and means Nexstim is now in a better position to raise the capital it needs to realise the potential of NBT in major depressive disorder (MDD).
The company made good progress during H119 with the launch of NBT in MDD (see update note dated 20 August 2019), and this momentum has been carried into H219. At the end of August, Nexstim announced that it had placed a NBT system with Achieve TMS, the second largest provider of transcranial magnetic stimulation (TMS) therapy in the US with 24 clinics.
We value Nexstim at €19.0m or €0.41/share diluted (in the money options or warrants only).
17 September 2019
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.
Mick Cooper PhD
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