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 reproducibility of its navigated transcranial magnetic stimulation (TMS) technology is clearly differentiated versus the competition. Our updated Nexstim valuation, reflecting the fund raise and share dilution, is €32.2m (€0.07/share).
