The company has signed an MOU for a ten-year agreement with an Italian company.
Brainsway reports that it has signed a memorandum of understanding for a distribution agreement for its Deep TNS product. The product is intended for treatment of psychological and neurological disorders through magnetic stimulation of the deep layers of the brain. The company's share price rose some 10% today, and it has amarket cap of NIS 265 million.
The agreement will be for ten years with an Italian company, Advanced Technologies Innovation Distribution SRL, owned by an Italian psychiatrist named Dr. Ruggero Raccah and Israeli businessman Eliyahu Tshuva, a relative of billionaire Yitzhak Tshuva.
The MOU stipulates that payment to the Brainsway will be on the basis of the number of devices installed and the number of treatments carried out using each device. The device will at first be marketed as a treatment for depression, and Brainsway expects initial revenue from the agreement this year.
Published by Globes [online], Israel business news - www.globes.co.il - on April 30, 2009
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