JERUSALEM, Dec. 30, 2014 (GLOBE NEWSWIRE) -- Brainsway Ltd. (TASE:BRIN) announced that in light of developments in the U.S. market, including the increased interest in Brainsway's technology and initiatives in the U.S., and in light of a heightened focus on the U.S. as Brainsway's key strategic market, the company is pleased to announce the launch of Brainsway USA INC. ("Brainsway USA").
The new U.S.-based entity has already recruited key personnel and is building a versatile team of experienced professionals, technicians, service providers, sales representatives and others who will be ideally situated to continue providing, and to build upon, Brainsway's high level of service. Brainsway USA will assume direct responsibility for sales, marketing, customer support and logistics for Brainsway's rapidly growing U.S. customer base beginning January 1, 2015.
Also joining the new entity are a number of officials formerly of Nvation, including Dr. Walt Duffy, who will serve as Brainsway USA's Clinical Advisor, and Matt Duffy, who will serve as its Customer Relations Director and Midwest Business Development Specialist. To allow for optimum synergy, Brainsway and Nvation have mutually decided to terminate their non-exclusive U.S. distribution and logistics center agreements effective December 31, 2014. Brainsway USA is headquartered in the Northeast U.S. and has opened 2 additional regional service centers enabling complete coverage and maximum penetration of the U.S. market.
About Brainsway
Brainsway Ltd. is dedicated to the development and marketing of Deep TMS (Deep Transcranial Magnetic Stimulation) systems, for treatment of brain disorders. The unique technology of Brainsway is based on patents filed by the National Institute of Health (NIH), and by the company. Brainsway has an exclusive license from the NIH for the patent and technology. Brainsway's technology was cleared by the FDA for treatment of depression patients who did not respond to any number of medication treatments in the current depressive episode. Brainsway's Deep TMS was enthusiastically received by the international academic community, with 60 clinical trials held in major institutions worldwide.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.