BrainsWay Falters on New Investment
BrainsWay Ltd. (NASDAQ:BWAY) shares were in the red Thursday. The Burlington, Mass.-based company, purporting to be a global leader in advanced no-invasive neurostimulation treatments for mental health disorders, today announced it has closed an initial strategic investment.
It takes the form of a $5-million convertible loan to, along with an option to acquire, Neurolief Ltd., developer of the world’s first wearable, non-invasive, multi-channel brain neuromodulation platform that is designed for use at home.
Neurolief’s technology has demonstrated positive clinical outcomes and includes a proprietary therapy for treatment-resistant major depressive disorder (MDD) and migraine. The Agreement also includes additional possible milestone-based funding.
Said CEO Hadar Levy, “We are very excited with this strategic investment in Neurolief. Upon an FDA approval, we believe this technology will significantly expand our addressable market, enabling care for patients who cannot easily access clinics and empowering medical professionals to extend treatment beyond traditional settings. This aligns with our strategic goal of accelerating access to and awareness of innovative mental health treatments, especially offerings that we believe are complementary to mental health professionals using our Deep TMS therapy.
The BrainsWay team has rapidly expanded sales of the Deep TMS system, supported by scaling of our commercial platform and customer network. We are excited by the opportunity to leverage our platform and explore potential synergies between our two companies, as Neurolief brings its at-home neuromodulation systems to the market through mental health professionals.”
BWAY shares ditched 25 cents, or 1.7%, to $14.52.
