Brainsway partnership when FDA backs Depression Device.
Posted In Uncategorized - By Alan Masterson On Tuesday, January 22nd, 2013 With 0 Comments
Northern, WI 1/22/2013 (wallstreetpr) – BRIN, also known as Brainsway looks forward to reach to a point of agreement for a medical gadget company to the market. It is supporting its marketing the systems of non-invasive to treat cases of depression in the United States. The Chief executive Officer pointed it out as he saw the stock rise to the top during a period of three years. The company is in a discussion to come up with a deal that will see Brainsway get an upfront payment. The company that is discussing with BRIN is traded in the Tel Aviv Stock exchange, and it holds a market value of about $151 million. The company will attain a qualification to request for stock listing on NYSE in the United States, when they reach a deal with BRIN.
The company is seeking discussions with other organizations, which would want to collaborate with them. This was reported by Sofer in a media interview at the firm’s head offices in Jerusalem. As the interview went on, there was an extra assembly line being set to churn out more than 19 devices per month. The Company is trusting on its TMS system appealing to doctors and patients convincing them that the device is able to treat depression without undergoing surgery or pharmaceuticals that one takes for his/her whole life. The devices also came as a substitute to the patients who cannot respond to antidepressants in the United States and Canada.
The CEO did not disclose the companies that BRIN is discussing with; however, he said that some of the largest in the industry are on the list. Medtronic Incorporation and St Jude Medical Incorporation in Minnesota are some of the companies that deal with implantable devices for brain treatment and stimulation.
The spokesperson of Medtronic said the company is not pressing for a partnership with BRIM. The representative for St Jude Medical, Rachel Ellingson was not available to respond for a comment. Johnson and Johnson’s spokes person said that their company does not comment on what he termed as speculations.
A coil is placed on the head of a patient to apply mild magnetic pulses to the brain through a process known as trans cranial magnetic stimulation. The process goes on for five times a week and taken for four weeks. A single treatment session takes up to twenty minutes.
Neuronetics incorporation in Penn state is the only organization that has the approval of U.S Department of Food and Drugs Administration. This makes it qualify not to use the trans cranial magnetic stimulation device. In clinical process, 37 % of patients showed around 51% reduction in the symptoms after undergoing a treatment with Brainsway product.