Nexstim: First steps on path towards longer-term profitability

Nexstim delivered its first ever profitable period in H221 and is guiding towards continued revenue growth and a positive operating result for FY22. Profitability and partnerships are central to FY22 strategic objectives. The recent Magnus Medical and PNC Management Services deals are trailblazers for a new technology licencing revenue stream and a deeper partnership business model for the US NBT therapy business respectively. The former deal includes a $4m upfront payment which addresses Nexsti

Admirable execution on 2021 strategic goals

2021 was an operationally successful year, with Nexstim achieving several strategic objectives as it works towards delivering higher revenues and improved profitability. Key 2021 goals met include reaching a MDD (major depressive disorder) patient data registry of >200 completed treatment sessions and securing the first partners, in Finland and the US, under plans to develop a deeper partnership business model for its NBT therapy business. 2022 should see further demonstration of strategic execu

Accelerated protocols could be a game changer

Nexstim’s H121 report highlights its strategic focus is firmly on exploiting the commercial potential of the SmartFocus NBT system in depression, where its unique navigation capabilities are a clear differentiator. The strengthened balance sheet removes near-term uncertainty and allows investment in generating compelling clinical data. Priorities are to maintain the growth momentum of both NBT and NBS, particularly in the key US market, and to undertake trials to position NBT as the system of ch

Consolidating both shares and strategy

Nexstim started 2021 on a positive footing with its Q121 business and clinical update highlighting incremental operational progress and a growing body of evidence in depression. The successful €6.4m (net) spring rights issue provides additional funds to support execution on the company’s 2020-24 corporate strategy, including funding further development of new accelerated iTBS treatment protocols. Resolutions at this week’s AGM authorised a 100 to 1 reverse share split to facilitate trading, posi

Rights issue 178% oversubscribed

Nexstim has successfully raised the targeted €6.6m (€6.4m net), at a price of €0.03 (or SEK0.31) per issue share. The raise was oversubscribed by an equivalent of 178.1% of the maximum planned. A total of 219.8m new shares will be issued, of which 209.1m were through subscription rights (95.2% uptake). The remaining 10.7m offer shares (4.8%) were allocated to holders of subscription rights; no offer shares were allocated to nonholders of pre-emptive rights.

Subscription rights issue of €6.6m at €0.03 per share

Nexstim has announced a subscription rights issue to raise around €6.6m (net), at a price of €0.03 (or SEK0.31) per issue share, with existing shareholders having pre-emptive rights of one new share for each two shares owned. A maximum of 219.8m new shares will be issued.

A positive start to the 2020-24 strategy

Nexstim delivered record revenues in FY20 and its lowest EBIT loss, successfully navigating a challenging year through careful cost control and new efficient ways of digital working which contributed to resilient NBT therapeutic and NBS diagnostic system sales. The company is well-positioned to drive a disruptive shift in depression treatment (and its delivery) with its accurately navigated SmartFocus transcranial magnetic stimulation (TMS) NBT technology; however, with end-December cash of €3.5

Promising results from severe depression pilot study

Nexstim has released a summary of the results from the pilot study on the use of accelerated iTBS protocol in treating severe depression at Kuopio University Hospital. This investigator-led trial uses Nexstim’s SmartFocus nTMS system with an accelerated iTBS protocol, with the results comparing the responses of 10 patients on a regimen of multiple daily sessions over one week against those seen in 10 patients undertaking conventional TMS.

Promising results from severe depression pilot study

Nexstim has released a summary of the results from the pilot study on the use of accelerated iTBS protocol in treating severe depression at Kuopio University Hospital. This investigator-led trial uses Nexstim’s SmartFocus nTMS system with an accelerated iTBS protocol, with the results comparing the responses of 10 patients on a regimen of multiple daily sessions over one week against those seen in 10 patients undertaking conventional TMS.

Planning the next phase of growth

Nexstim is well placed to benefit from the novel accelerated rTMS (transcranial magnetic stimulation) therapy protocols being developed for severe depression and chronic neuropathic pain. Its accurately navigated SmartFocus TMS NBT technology could provide the precision and reproducibility required for clinical success. Promising data, expected in Q121, from the ongoing pilot study in severe depression would guide the format of a proposed double-blind multi-centre trial. Success would open sizea

€0.9m prototype research project signed

Nexstim has signed a purchase agreement to develop and deliver two prototype systems to be used as the enabling technology for a research project focused on stimulating and diagnosing the brain.

Pilot studies lift off in depression and pain

Nexstim has confirmed that two pilot studies, in severe depression and chronic neuropathic pain, using accelerated iTBS protocols with its NBT SmartFocus navigated TMS (transcranial magnetic stimulation) system will be starting at two leading Finnish university hospitals.

Mapping out the 2020-24 corporate strategy

Nexstim delivered a record interim performance in H120 (revenues, operating result, and net loss) despite market turbulence caused by the COVID-19 pandemic. The business model has remained resilient with a solid NBS (Diagnostic) installed base and flexible pricing models, coupled with careful cost control. The 2020-24 corporate strategy update provides a road map to better exploit commercial opportunities with existing and new customers, where Nexstim’s navigated TMS (transcranial magnetic stimu

€2.3m rights issue is 273% subscribed

Nexstim’s €2.3m rights issue was materially oversubscribed, with bids for 273% of the offered shares. A total of 376.7m new shares, at €0.006, will be issued. The new funds provide the resources to continue to support its existing NBS and NBT businesses, and, importantly, invest in studies to explore attractive opportunities in severe depression and chronic neuropathic pain. Nexstim is carving out a promising, and sizeable, niche in depression; where the accuracy, reliability, and reproducibilit

Hitting the right spot

Nexstim’s proprietary navigated transcranial magnetic stimulation (TMS) technology is at the core of its strategic review. Its accuracy, reliability, and reproducible effects are the key advantages and differentiating features vs the competition. These enable it to carve out a niche as a personalised and effective therapy (NBT) and diagnostic (NBS) for challenging brain disease and disorders. Nexstim’s proposed €2.2m rights issue will strength its balance sheet and provide the resources to conti

Initial Equity Trading Comments - 15 May 2023

Kromek - Placing raises £7m with Open Offer of up to £1m

Kromek raised £7m (with up to £1m via an Open Offer) to strengthen the balance sheet and provide the working capital for the CT programme to bridge the gap before supply agreements with recently announced Tier 1 and Tier 2 OEMs commence in earnest. As the only independent commercial scale manufacturer of the next-generation detector (CZT) for use in CT and SPECT imaging systems, Kromek is actively engaged with 9 OEMs (both Tier 1 and Tier 2), with 3 agreements having now been signed (FC estimate

LIBERUM: Aptamer* - Prelims supports growth projections

LIBERUM: Aptamer* - Initiation - Build better binders

Hybridan Small Cap Feast - 19 May 23

19th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Vetting the opportunity

Monday''s trading update caused the shares to drop 13%, leaving c28% upside on the possible all-cash offer price by EQT, set at 4,070p per share. While the market seems sceptical on the deal going through (outcome expected by June 2), we believe EQT will proceed and most likely on unchanged terms. We turn opportunistic and upgrade the shares to outperform. Destocking and European slowdown behind the trading update Destocking in the USA went deeper than expected by a couple of weeks, with inven

Oxford BioDynamics+ (OBD, House Stock, 17p) - Expanding applications

46 stocks, 272 charts, 690 questions

Conference compendium With the summer conference season approaching, we have collated a convenient compendium of questions and performance/valuation/data screens for all the stocks within our food, household and personal care, beverages and consumer ingredients coverage universe. Stock information Within you will find 15 updated questions for management, latest company guidance, the P/E and EV/EBIT history relative to the wider sector, the P/E history relative to the relevant sub-sector, the YTD

Oncimmune (ONC LN) - Successful divestment & debt refinancing enhances potential for value growth

This morning Oncimmune announced the successful divestment of its lung cancer diagnostic (EarlyCDT®) business to US cancer detection specialist Freenome Holdings Inc., for £13m in cash. Sale proceeds have been used to pay down almost 50% of outstanding debt principal. The remaining €6.0m of debt has been refinanced. Oncimmune is now focused solely on its ImmunoINSIGHTS™ discovery business. In a separate deal, Freenome has purchased ImmunoINSIGHTS™ services worth at least €1.14m per year for a pe

ReNeuron Group Prelims

Preliminary FY 2023 results from ReNeuron Group plc (RENE.L) highlight its transition via restructuring from a clinical-stage drug developer to a drug delivery platform based on its exosome technologies. As such, clinical trial spend is being minimised to cover legacy obligations only and in future will be conducted instead by partners, such as Fosun Pharma. The generation of data validating its CustomEx™ exosome platform to enable partnering and licensing transactions can be completed more cost

Hybridan Small Cap Feast - 25 May 23

25th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Funding the opportunity in medical imaging

On 18 April Kromek announced a major seven-year agreement with a Tier 1 OEM to develop and incorporate its CZT-based detectors in the OEM’s advanced medical imaging scanners, and further deals have since followed. In order to fund these opportunities, on 5 May the Group announced a fund-raise of £8m (gross). It is our assumption that the Tier 1 OEM segment targeted is the CT scanner market. This was worth an estimated US$6.7bn in 2022 and, at a 5.6% CAGR, is expected to reach US$9.92bn by 2029.

Cenkos: Creo Medical Group Plc -- Lung: First in human completed

Creo Medical has announced the successful completion of the first in human use of its MicroBlate Flex device to ablate a lung lesion, undertaken at the Royal Brompton Hospital, London. The patient was treated as part of the recently announced human clinical study aimed at demonstrating the safety and efficacy of its MicroBlate Flex device for the microwave ablation of lung lesions accessed minimally invasively via a bronchoscope. We believe this procedure represents a significant milestone for C

Avon Protection - Termination of coverage

Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Hybridan Small Cap Feast - 26 Apr 23

26th April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object