BURLINGTON, Mass. and JERUSALEM, June 28, 2022 (GLOBE NEWSWIRE) — BrainsWay Ltd. (NASDAQ & TASE: BWAY), (“BrainsWay” or the “Company”), a global leader in advanced, non-invasive treatment for brain disorders, today announced that, for the first time, the Israeli Ministry of Health approved coverage for its Deep TMS™ system for the treatment of depression. The inclusion of the treatment in Israel’s basket of essential medical services means that the country’s health funds must now make the treatment available to eligible patients free of charge.
Eligible patients include adults over the age of 21 with depression who have failed to respond to two prior antidepressants or who are intolerant to other treatment alternatives. Cover can be provided for up to 40 treatment sessions, which must be administered in hospitals.
“We are delighted to have reached this important milestone in access to treatment with our Deep TMS system, which is recognized as an Israeli innovation. This is good news for many Israeli patients who have been waiting for greater access to our unique technology,” said Dr. Christopher von Jako, President and CEO of BrainsWay. Since BrainsWay’s inception, the company has always maintained a significant presence in Israel, with key management, research, development and operating roles, as well as top-tier physicians, based in Israel. “Facilitating insurance coverage through the Israeli healthcare system is a key part of our growth strategy. We remain committed to further expanding insurance coverage in Israel and around the world to broaden access to our breakthrough treatment for the benefit of patients around the world. »
BrainsWay is a world leader in advanced non-invasive neurostimulation treatments for mental health disorders. The company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to gain three FDA-approved indications, backed by pivotal studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxiety depression), obsessive-compulsive disorder, and tobacco addiction. The company is committed to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological and addictive disorders are ongoing. Founded in 2003, with offices in Burlington, MA and Jerusalem, Israel, BrainsWay is committed to increasing global awareness and access to Deep TMS. For the latest news and information on BrainsWay, please visit www.BrainsWay.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be prefaced by the words “intends”, “may”, “will”, “expects”, “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. These forward-looking statements and their implications are based on the current expectations of the Company’s management only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. . In addition, historical results or the conclusions of scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted in the same way light of further research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: insufficient financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in initiating and/or completing planned clinical studies and trials; failure to obtain regulatory approvals within the Company’s timelines, or at all; failure to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or failure to develop necessary improvements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in applicable laws and rules and regulations; adverse market perception and acceptance of Deep TMS technology; insufficiency or delays in reimbursement by third-party payers, including insurance companies and Medicare; inability to market Deep TMS, including internationally, by the Company or through third-party distributors; development of products by competitors; failure to develop and introduce new technologies, products and applications on a timely basis, which could cause the Company’s actual results or performance to differ materially from those contemplated in such forward-looking statements.
Any forward-looking statements in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws. More detailed information about the risks and uncertainties affecting the Company can be found under the heading “Risk Factors” in the Company’s filings with the United States Securities and Exchange Commission.
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