US-based Yorkville Advisors extended a standby equity distribution agreement.
Brainsway Ltd. (TASE:BRIN) has obtained a $15 million credit line from New Jersey-based Yorkville Advisors under a standby equity distribution agreement (SEDA). The company can draw up to $400,000 at a time with at least ten business days between each withdrawal.
Under the SEDA, Brainsway will be able to raise just as much as it needs when it needs it, while deferring large-scale fundraising until better times. The company is conducting clinical trials of its deep Transcanial Magnetic Stimulation device for the treatment of depression.
Brainsway CEO Uzi Sofer told "Globes", "We worked on this deal for a long time. Yorkville Advisors has a life sciences division that conducted a long-term feasibility of our product, and we're pleased that it was ready in these hard times."
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2008
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