"The company is aiming for thousands of installations for different diseases in the future," Brainsway Ltd. (TASE:BRIN) CEO Uzi Sofer told "Reuters", predicting strong growth of the company. "We hope this trend will continue and even get stronger."
Sofer told "Reuters" that he was optimistic about a study being done at Harvard University on whether Brainsway's system can help with epilepsy.
Brainsway has launched its non-invasive deep transcranial magnetic stimulation (TMS) treatment for depression, and is conducting clinical trials of the device for the treatment of other neurological disorders. The device is a helmet that shoots magnetic pulses into the brain of patients with neurological disorders to stimulate neurons and improve function in the affected areas.
Brainsway obtained US Federal Drug Administration (FDA) approval last year for treating patients with major depression disorder. Other trials are underway for treating Parkinson's and Alzheimer's, addictions, and stress and eating disorders.
"Reuters" calls the technology a "tamer, safer and more precise version of electro-shock therapy and has been used for years." It quotes Brainsway as saying that its technology is unique because it can penetrate deeper than any other non-invasive method being used, allowing it to target areas of the brain that were until now unreachable.
Brainsway has installed over 70 of its units, mostly in the US. The company's revenue rose to NIS 4.3 million in 2013 from NIS 1.4 million in 2012, and net loss narrowed to NIS 15.4 million from NIS 21.2 million. Earlier this month, it raised $11.8 million this month to boost production lines.
Brainsway CTO Ronen Segal told "Reuters, "Many of the big players in this market, including medical device companies and even pharmaceutical companies" have taken notice and that there is potential for collaboration in areas like distribution and R&D.
Published by Globes [online], Israel business news - www.globes-online.com - on March 25, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014