Brainsway to test device against cocaine addition

The FDA has granted investigational device exemptions for the company's Deep TMS device for this indication.

Brainsway Ltd. (TASE:BRIN) will conduct in the US a clinical trial to test the effectiveness of its Deep TMS device for the treatment of cocaine addiction, after obtaining investigational device exemptions (IDE) from the US Food and Drug Administration (FDA).

The trial, which will include 30 patients, will be financed by the National Institute on Drug Abuse (NIDA), a unit of the National Institutes of Health (NIH). If and when the Deep TMS is commercialized for the treatment of cocaine addition, Brainsway will pay royalties to NIDA.

The Deep TMS (Transcranial Magnetic Stimluation) is a non-invasive treatment of brain disorders by activating or suppressing neuron activity in the brain to treat psychiatric or neurological disorders.

Brainsway, run by CEO Uzi Sofer, has initiated procedures to list on Nasdaq in the fourth quarter of 2010.

Brainsway's share price rose 0.6% by mid-afternoon, giving a market cap of NIS 344 million.

Published by Globes [online], Israel business news - www.globes-online.com - on August 22, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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