Brainsway Ltd. (TASE:BRIN) reported today that it had signed an agreement with French company to market its Deep TMS system in France.
Deep TMS (Deep Transcranial Magnetic Stimulation) is a treatment for brain disorders, approved by the US Food and Drug Administration for treating severe depression.
Under the agreement announced today, Brainsway will deal directly with customers that the French company recruits to buy or lease the system, paying the company a commission.
The French company will not have exclusivity in France, and the agreement can be terminated at 30 days' notice by either side.
Brainsway also announced today that Blue Cross Blue Shield will provide reimbursement for the use of the Deep TMS system in Florida, Kansas and Missouri, and that Tufts will do so in Massachusetts. These health insurance plans cover about 17 million Americans.
Brainsway's share price is up nearly 10% on the Tel Aviv Stock Exchange so far today.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2014