Brainsway Ltd. (TASE:BRIN) today announced that will next week initiate sales of its Deep TMS (transcranial magnetic stimulation) device in the US for non-invasive treatment of major depression, after completing production of the first 100 devices at a standard suitable for marketing.
Brainsway's share price rose 4.9% to NIS 60.07, by midday on the news, giving a market cap of NIS 770 million.
Brainsway will unveil the Deep TMS for the US market at the American Psychological Association (APA) annual meeting in mid-May in San Francisco.
In late 2012, Brainsway obtained US Food and Drug Administration (FDA) approval for the Deep TMS device for the treatment of depression in patients who fail to respond to therapeutics during a depression episode. Health Canada approved the product for this indication shortly afterwards.
In late February, Brainsway CEO Uzi Sofer told "Globes" that the company was considering using the centers of excellence model to sell its products in the US. This model is based on contracts with a leading US mental health clinic chain with 100 clinics, none of which are more than a 30-minute drive for a patient. Each clinic serves as a treatment center and as distributor of medical devices to smaller clinics in the area and as a technical support and training center for staff in the use of the devices.
Published by Globes [online], Israel business news - www.globes-online.com - on April 30, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013