Insider buying boosts Brainsway share price

The company was given a vote of confidence by controlling shareholder Hagai Avner who purchased 107,000 shares.

A rise in the share price of Brainsway Ltd. (TASE:BRIN) and higher than usual trading volume were the result of the support of Hagai Avner, one of the controlling shareholders, who gave a vote of confidence today by investing nearly NIS 1 million to purchase an additional 107,000 shares in the company.

Avner made the share purchase after Brainsway's share price had risen 9.5% this morning to NIS 8.91. In afternoon trading the share fell back to NIS 8.83, giving a market cap of NIS 350 million. The purchase meant that Avner has increased his stake in Brainsway from 14.3% to 14.6%.

Brainsway develops noninvasive medical devices for treatment of a wide range of neurological and psychopathological disorders. The company still has no revenue and finished the first quarter of 2010 with a loss of NIS 26 million, mainly from financing expenses.

Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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