The amended prospectus with the SEC states the company plans to offer 1.8 million shares at $10-12 per share at a company value of $136-164 million.
Brainsway Ltd. (TASE:BRIN) has cut by one third the amount it plans to raise in a public offering on Nasdaq to $20 million from $30 million. According to the company's amended prospectus with the US Securities and Exchange Commission (SEC), it plans to offer 1.8 million shares at $10-12 per share, at a company value of $136-164 million.
Brainsway's Deep TMS (Transcranial Magnetic Stimulation) is a noninvasive therapy for neurological and psychopathological disorders. The company is carrying safety and efficacy clinical trials of the system to treat addiction, depression schizophrenia, Parkinson's disease, obesity, eating disorders, and post-traumatic stress disorder.
Brainsway's share price by midday at NIS 8.40 by early-afternoon today, giving a market cap of NIS 400 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011