Medical device co Brainsway to raise $30m on Nasdaq

Brainsway will use 70-75% of the proceeds to bring its non-invasive device for neurological disorders to new markets and to mass produce the device.

12 April 11 13:47, Koby Yeshayahou

Brainsway Ltd. (TASE:BRIN) has filed with the US Securities and Exchange Commission (SEC) its prospectus to raise $30 million on Nasdaq. Brainsway will use 70-75% of the proceeds to bring its non-invasive Deep TMS (transcranial magnetic stimulation) device for neurological disorders to new markets and to mass produce the device.

Brainsway plans to hold the offering by the end of May. The company will be traded under the ticker "BRIN". Maxim Group LLC and Roth Capital Ltd. are the underwriters.

Last week, Brainsway obtained EU CE Mark to use Deep TMS for the treatment of Parkinson's disease and as a supplemental treatment for patients taking antidepressants. The company is also conducting clinical trials of the device for treatment cocaine, smoking and other addictions, autism and Asperger's syndrome, and other neurological problems.

Brainsway's share price rose 1.2% by early afternoon to NIS 8.67, giving a market of NIS 406 million.

Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2011

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