Capricorn et al. raise €15m in Nexstim float

Nexstim's 3.9 million new shares were priced at 635 cents per share, with half of the shares offered on Nasdaq First North Finland and the other half on Nasdaq First North Sweden, both growth-company exchanges.

Since raising its first funding round in 2007, Nexstim has seen €25.1m in investment from a long list of investors, including Capricorn, Lundbeckfond Ventures, Ilmarinen Mutual Pension Insurance Company, HealthCap, Life Science Partners (LSP), Sitra, Finnish Industry Investment and Tekes.

The IPO had 225 new investors subscribe, and saw 91% allocated to retail investors and the remainder to institutional investors, both predominantly based in Finland and Sweden.

Previous funding
LSP, HealthCap, Finnish Industry Investment and Sitra took part in an €8m funding round for Nexstim in September 2007.

In 2009, Tekes joined as an investor when it provided the company with €2.72m in grants and loans, alongside a €3m loan-based convertible bond from LSP and HealthCap.

The most recent funding round was led by Lundbeckfond Ventures with a second new investor, Ilmarinen Mutual Pension Insurance Company, and brought in €11.4m for Nexstim.

Company
Founded in 2000 at Helsinki University of Technology (now Aalto University), Nexstim is a medical device company developing navigated brain stimulation for brain diagnostics and therapy.

The business uses its products to improve rehabilitation for stroke patients through non-invasive brain stimulation.

People
Janne Huhtala is the CEO of Nexstim. Casper Breum, Johan Christenson and Katya Smirnyagina are partners at Lundbeckfond, HealthCap and Capricorn Venture Partners, respectively. René Kuijten is a general partner at LSP and Juha Vapaavuori is a director at Sitra.

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