Brainsway again considering Nasdaq listing

The neurological disorders treament company is mulling a second run at a Nasdaq listing, after withdrawing its first attempt when it failed to obtain the value it wanted.

Market sources say that Brainsway Ltd. (TASE:BRIN) is considering a second run at a Nasdaq listing, after withdrawing its first attempt when it failed to obtain the value it wanted. It is already in talks with underwriters and is examining the company value for the offering, compared with its current market cap of NIS 660 million.

Brainsway CEO Uzi Sofer told "Globes" today, "The company is engaged in many projects. We've been approached by tier-1 investment banks which believe that Brainsway is ready for an offering, and we're examining it. But we must spread our attention between this project and the other things that we're doing."

Brainsway, which has developed Deep TMS (transcranial magnetic stimulation) treatment for neurological disorders, including depression and addiction, is a medical device company, which have been less successful than pharmaceutical companies in the latest wave of Nasdaq offerings. A Nasdaq listing is very logical, given that the US is the company's primary market. It obtained US Food and Drug Administration (FDA) certification early this year, and it has since been establishing a distribution network there.

Brainsway first sought a Nasdaq listing in June 2011, before it obtained its US marketing approval. It sought to raise $20 million at a company value of $128 million before the money, a 50% premium on its market cap at the time. In September 2013, it raised NIS 25 million on the TASE on the basis of a shelf prospectus.

Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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