Nexstim Oy, an Helsinki, Finland-based medical device company commercializing noninvasive brain diagnostic and therapy technologies, has raised over €11m in equity financing.
The round was led by new investor Lundbeckfond Ventures, with participation from new investor Ilmarinen Mutual Pension Insurance Company and existing shareholders HealthCap, LSP (Life Sciences Partners), Sitra and Finnish Industry Investment Ltd.
This investment has brought the total amount raised by the company to date to over €30m.
In conjunction with the financing, Casper Breum, Investment Director, Lundbeckfond Ventures, will join Nexstim´s board of directors.
As stated by CEO Richard Karroum, the funding will enable the company to expand sales and marketing activities in Europe, also taking advantage of recent FDA-clearance for marketing in the USA. Beyond presurgical neurodiagnostics, Nexstim intends to accelerate development of next-generation solutions for non-invasive neurotherapy in stroke and other neurological conditions with large unmet needs.
Founded in 2000, the company has developed the Navigated Brain Stimulation (NBS) system, which has the ability to precisely and reproducibly target non-invasive neurostimulation within the brain. It is expected to offer new non-invasive therapy options for a wide range of brain injuries and diseases, including stroke, depression and pain.