Brainsway raised NIS 41 million in the private placement.
Brainsway Ltd. (TASE:BRIN) has raised NIS 41 million in a private placement with Yelin Lapidot Investment House Ltd. The investment house received 772,585 shares in the company at NIS 0.53 per share. The shares amount to 5.48% of Brainsway's share capital and voting rights (4.99% fully diluted).
Brainsway's share price rose 3.1% following today's announcement to NIS 56.10, giving a market cap of NIS 800 million. In the past month, the company has leased and installed its Deep TMS (transcranial magnetic stimulation) system for the non-invasive treatment of neurological disorders at several medical institutions in the US.
"The terms of the placement are excellent and the price is in line with the market price during the negotiations on the terms of the deal," said Brainsway CEO Uzi Sofer. "Brainsway will use the proceeds to continue to expand the market and consolidate the Deep TMS paradigm as the leading and breakthrough technology in the global neuropsychiatric market. We will continue to work hard to realize the company's potential and to sell its products in new and current markets, and to obtain approval for new indications for the system."
Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2014
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