Brainsway Ltd. (TASE:BRIN) today announced that it has received its first order in Italy for its Deep TMS (transcranial magnetic stimulation) device. The company did not disclose the size of the order.
The order was placed by the company's Italian distributor Advanced Technologies Innovation Distribution srl (ATID), which has an exclusive ten-year distribution contract. The contract, signed in April, stipulates that ATID should arrange the rental to clients of 12 devices in the first year, 25 devices in the second year, and 50 devices a year in each subsequent year. ATID also has the right to conduct three clinical trials of Deep TMS for smoking cessation, alcohol addiction treatment, or any other indication approved by Brainsway.
Deep TMS is a non-invasive treatment of neurological and psychopathological disorders, including depression, bipolar disorder, and addiction. Clinical trials are underway to test the device on a wide range of problems.
Brainsway's share rose 5.2% by midday to NIS 12.31, giving a market cap of NIS 453 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 14, 2009
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