JERUSALEM, Oct. 23, 2012 (GLOBE NEWSWIRE) -- Brainsway Ltd. (TASE:BRIN) is pleased to announce the execution of an agreement for the marketing and distribution of its Deep TMS device in Nordic countries, including Sweden, Denmark, Norway, Finland and Iceland.
The agreement has a term of 10 years. The distributor will promote, market and distribute Brainsway's Deep TMS devices for the treatment of patients with major depression, schizophrenia, bipolar disorder, Parkinson's disease, post-traumatic stress syndrome, neuropathic pain and all other indications approved by the relevant authorities in the Nordic countries. It should be noted that, while the distributor is committed to achieving the necessary regulatory approvals to market the Deep TMS device for various indications in the Nordic within 90 days of signing the agreement, those approvals have not been obtained to-date. The agreement is mutually exclusive and the parties have agreed to set minimum annual device placement requirements. While not expected to be equal across each year of the agreement, the total minimum number of device placements throughout the agreement's term is 1,203.
Uzi Sofer, Brainsway's Chief Executive Officer, commented, "Expanding our global distribution network is a major growth driver for Brainsway as we work to increase awareness, acceptance and adoption of Deep TMS. Accordingly, the signing of this agreement, which will add significantly to the number of European countries where Deep TMS is commercially available, is a key milestone achievement for our Company."
About Brainsway Ltd.
Brainsway Ltd. is dedicated to the development and marketing of Deep TMS (Transcranial Magnetic Stimulation) systems - novel, noninvasive medical devices for treatment of a wide range of neurological and psychopathological disorders. In principle, any brain-related disorder that is associated with pathological activity of specific brain sites may be treated by this method. Potential applications include addiction, schizophrenia, obesity, eating disorders, Parkinson's disease, Alzheimer's disease, autism and post-traumatic stress disorder. Our initial focus is the treatment of major depression. The unique technology of Brainsway is based on patents filed by the U.S. National Institute of Health (NIH) and by the company. Brainsway has an exclusive license from the NIH for the patent and technology. Headquartered in Jerusalem, Israel, the company's ordinary shares and warrants trade on the Tel Aviv Stock Exchange under the symbol 'BRIN'.
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.