JERUSALEM, July 22, 2013 (GLOBE NEWSWIRE) -- Brainsway Ltd. (TASE:BRIN) ("Brainsway" or the "Company") announced today that, further to its press release of May 1, 2013, there are now approximately 50 Deep TMS systems in various stages of installation, implementation and customer training. Brainsway also advised that, based on the current number of new system orders outstanding and the continuing strong interest shown by psychiatrists, clinics and medical centers, the Company estimates that it will complete the installation and customer implementation of approximately 100 Deep TMS systems for commercial use by the end of 2013.
In January 2013, the U.S. Food and Drug Administration ("FDA") approved Brainsway's proprietary Deep TMS device for the treatment of depression in patients who have failed to respond to antidepressant medications in their current episode of depression. This approval represented a major breakthrough for the Company, providing it with access to the U.S. market for depression therapy, which is valued at tens of billions of dollars per year.
"The official marketing launch of Deep TMS at the American Psychiatric Association ("APA") 2013 Annual Meeting in May was a tremendous success," commented Brainsway's CEO, Uzi Sofer. "Now, in the months since APA, we have seen doctor awareness of and interest in this groundbreaking technology continue to gain momentum. We are looking forward to providing stakeholders with further commercialization updates as the launch of Deep TMS progresses."
About Brainsway Ltd.
Brainsway develops a medical device for the noninvasive treatment of common brain disorders. The device is based on a uniquely shaped electromagnetic coil connected to a rapidly changing current supply, which produces magnetic fields capable of affecting different areas of the brain. Deep brain areas can be either excited or inhibited, depending on the frequency of the magnetic field.
This press release contains forward-looking statements identified by words such as "estimates," "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events, including the number of Deep TMS systems that are ordered and installed before the end of the year. The forward-looking statements involve risks and uncertainties, including the number of system orders received from customers and the Company's ability to complete the installation of these systems, that could cause the Company's actual results to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings 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, except as required by law.
CONTACT: Stephen Kilmer Tel: 212.618.6347 firstname.lastname@example.orgSource:Brainsway Ltd.