Warrants to be topped up with share placement
Lighthouse | 22 October 2019
Trinity Delta view: We estimate that Nexstim will raise c €2.8m net of expenses, which should extend the company’s cash runway into Q320. This will allow the company to gain additional traction with the launch of NBT systems for treatment-resistant major depressive disorder (MDD), and more importantly conclude the licensing discussions with the leading Californian institution for the treatment of hospitalised MDD patients (see October 2019 Update), before additional capital is required.
Our current valuation of Nexstim is €19.0m or €0.41/share diluted (in the money options or warrants only). We estimate conservatively that it could increase by over 50%, if the negotiations with the Californian institution opens up a new market, the treatment of hospitalised MDD patients, to Nexstim.
22 October 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
+44 (0) 20 3637 5042
+44 (0) 20 3637 5043
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