Brainsway signs with Montreal's McGill University

The firm will test its Deep TMS treatment for depression and schizophrenia.

Brainsway Ltd. (TASE:BRIN) has signed two agreements with the Douglas Mental Health University Institute, affiliated with McGill University in Montreal, for two trials of the company's Deep TMS in conjunction with Functional MRI to treat depression and symptoms of schizophrenia.

The two trials will be double blind trials with control groups.

Brainsway will provide Douglas Mental Health University Institute with the equipment for the trials. The company will own the equipment, which will be returned when the trials are completed.

Douglas Mental Health University Institute will bear the costs of trials. Brainsway will bear the cost of the Functional MRI in the second stage of the trials to assess the effect of the Deep TMS (transcanial magnetic simulation) treatment on the patients. The trials will begin upon receipt of approval by the institute's ethics committee, and are expected to last for two years.

The trials are part of Brainsway's strategy to conduct human clinical trials of Deep TMS to test the device's effectiveness in treating a range of neurological disorders in collaboration with leading research institutes and medical centers in various countries. The company is in talks with Douglas Mental Health University Institute on agreements for additional trials to test Deep TMS with Functional MRI for treating Alzheimer's and eating disorders.

Brainsway's share price rose 1.1% by midday to NIS 8, giving a market cap of NIS 332 million.

Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2010

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

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