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JERUSALEM, Sept. 14, 2016 -- Brainsway Ltd. (TASE:BRIN), the leader in the development of advanced noninvasive treatments for brain disorders, announced that it has received local regulatory approval for the marketing and distribution of Brainsway Deep TMS (Transcranial Magnetic Stimulation) in Mexico. The company entered an exclusive distribution and marketing agreement with Moksha8, a leading specialty pharmaceutical company in Latin America, who has exclusive rights to distribute Deep TMS in Mexico.
“At least 15 million Mexicans suffer from a mental illness, many of whom do not have access to quality care,” said David Zacut, chief executive officer of Brainsway. “Our technology has been well-received globally, and we are confident that together with Moksha8 we will be able to provide hope to the people of Mexico.”
The partnership between Brainsway and Moksha8 is a long-term one, including specified sales objectives for each year, as well as a commitment to purchase 10 devices within a year from attaining the regulatory approval. Brainsway’s penetration into the Mexican market creates an opportunity for gaining a competitive advantage in this market, as it marks the first time the Deep TMS technology has been approved for clinical use in Mexico.
Brainsway’s Deep TMS solution is used throughout the world and is FDA cleared for the treatment of clinical depression in the United States.
About Brainsway
Brainsway Ltd./ Brainsway USA is a leader in noninvasive treatments for brain disorders utilizing Deep Transcranial Magnetic Stimulation (Deep TMS). Our unique patented technology was developed in collaboration with the National Institute of Health (NIH) and is FDA and CE cleared to treat patients with depression who are not currently responding to medication. The treatment has been enthusiastically supported by many academic communities and is widely covered by most insurance payers. For more information, please visit www.brainsway.com.
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.
Media Contact: Hadar Levy Chief Financial Officer Brainsway [email protected]
