Helsinki, 25th March 2015 at 8:00 am
Nexstim Plc (NXTMH:HEX, NXTMS:STO), a medical technology company aiming to improve rehabilitation for stroke patients through the use of non-invasive brain stimulation, announces that Tim Irish has been required to step down as Chairman due to a conflict with the current process relating to his prospective role as a Non-Executive Director of the United Kingdom's National Institute of Health and Care Excellence (NICE). Until the next General Meeting, Vice Chairman, Olli Riikkala, will act as chair of the Board of Directors.
Commenting on the announcement, Tim Irish, said: "Nexstim has extremely exciting brain stimulation technology that could have major importance, particularly in the treatment of stroke. The Company recently completed its successful IPO and, with its strong management team, I have no doubt that it is en route to commercial success with an important Phase III trial running. I have greatly enjoyed working with the team in Finland and feel I leave the Company in a strong position for both the patients and shareholders."
Nexstim's Vice Chairman, Olli Riikkala, added: "Tim has made a valuable contribution to Nexstim in guiding the company to this stage in its development. We thank him for his input over the past three years and wish him well for the future."
NEXSTIM PLC
Janne Huhtala, Chief Executive Officer
For further information please visit www.nexstim.com or contact:
Nexstim +358 (0)40 8615046
Janne Huhtala, Chief Executive Officer janne.huhtala@nexstim.com
UB Capital Oy (Certified Adviser) +358 (0)9 2538 0225
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Ivar Milligan nexstim@consilium-comms
About Nexstim Plc
Nexstim, formed in 2000 and based in Finland, is a medical technology company aiming to improve rehabilitation for stroke patients. Nexstim has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) device for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the company has developed a device for stroke therapy called Navigated Brain Therapy (NBT®). In H1 2014, Nexstim initiated a two-year pivotal Phase III study at 12 sites in the US aiming to demonstrate the effectiveness of NBT® and gain FDA clearance for commercialisation in post-acute stroke therapy in the US. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com.
