Shares in Brainsway Ltd. (TASE:BRIN) are up 6.65% on the Tel Aviv Stock Exchange this morning, following the company's announcement that it has commenced activity in Sweden and installed its systems at Stockholm's Karolinska University Hospital. The systems are due to start operating immediately.
The company has developed Deep TMS (Transcranial Magnetic Stimluation) systems, a noninvasive medical device for treatment of neurological and psychopathological disorders. They will be used at the Karolinska University Hospital for treatment of depression, as an alternative to drug therapy and electric shock treatment (ECT), in a country which has one of the highest rates of depression in the world.
Karolinska University Hospital is one of Europe's leading hospitals, and is known for technological innovation. In 2011, it was ranked eleventh in the world in medicine and pharmacology. It has some 15,000 employees, 1,600 beds, and treats 1.5 million patients annually.
Brainsway VP of business development Shmulik Adler said, "Unlike in the US, the Swedish health system is a public system that enables any patient to receive deep magnetic stimulation treatment through the hospital. The purchase of the system by a public health system represents a vote of confidence in Brainsway's breakthrough technology and the hope it brings to depression sufferers all over the world."
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2014
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