Dear Shareholders,
I hope you have all had a wonderful summer.
It has been a busy summer. On 30 June we completed the reverse takeover of Medicortex Finland Oyj, meeting all of NGM's conditions. The listed company – formerly NOSIUM AB (publ) – is now Medicortex International AB (publ), trading since 1 July under the new ticker MEDFIN B, replacing NOSIUM B. NGM has also removed our observation status, so we are trading normally again, with the board, management and ownership structure all in place.
With that behind us, our full focus is on ProbTBI – our handheld test that detects TBI biomarkers in a urine sample, in a format similar to a pregnancy test. Over the past several years we have built a strong scientific foundation: new biomarkers, several clinical studies, a growing patent portfolio and partnerships with clinical and industrial players. The next steps are moving the prototype into GMP-compliant manufacturing and launching a multicenter study in Finland, Sweden and one more European country – both essential on the path to regulatory approval and commercialisation.
The opportunity is large: more than 60 million people suffer a brain injury every year worldwide, and over 90% of cases are mild to moderate – exactly the ones hardest to diagnose today. We estimate the addressable TBI point-of-care diagnostics market at more than €2 billion annually.
Our biggest challenge now is the one most medtech companies face: turning a validated prototype into a marketed product, which means coordinating manufacturing, clinical validation, regulatory approval and financing – all in a fairly short window.
We also got good press this summer:
One practical note: if you were a Medicortex Finland shareholder, the exchange of your shares is underway, and you will receive further instructions from us or your bank shortly.
Thank you for your continued trust. More updates soon as we hit our next milestones.
Adrian Harel
CEO, Medicortex International AB (publ)