Nexstim said today that the Finnish Funding Agency for Innovation has agreed to extend the due date for repayment of 2 of its research & development project loans.
According to Loans Geeks, the company was supposed to provide cash repayments up to €1.8 million ($2 million) between 2017 and 2019. Now, that range has been pushed back to between 2020 and 2022. The company has to fully repay both loans to Tekes by the end of 2023, Nexstim said.
“This agreement, which reschedules our R&D loan repayment payments to Tekes, will have a positive effect on Nexstim’s cash flow and will help to support our working capital needs as we prepare for the commercialisation of the NBT device for stroke therapy in the US,” chairman & CEO Martin Jamieson said in prepared remarks.
Earlier this month, the company said that slow enrollment in a pivotal trial will delay the study of its Navigated Brain Therapy transcranial magnetic stimulation device. The product is designed to treat patients rehabilitating from stroke.
The Finnish company originally expected to conclude the trial during the 1st quarter of 2018, but said today that “start-up issues” at some of the 5 U.S. sites “created a slight delay in the enrollment rate.”
The study is now expected to finish in the 2nd quarter of next year.