Enters into an Agreement to Distribute its Deep Transcranial Magnetic Stimulation System in South Korea
JERUSALEM, Feb. 20, 2019 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (BRIN.TA), a global leader in the advanced non-invasive treatment of brain disorders, today announced that the Company has entered an exclusive distribution agreement with With Healthcare, a leading distributor of medical devices, to market BrainsWay’s Deep Transcranial Magnetic Stimulation System (Deep TMS) in South Korea. With Healthcare will be responsible for all sales, marketing and commercial activities related to Deep TMS in South Korea.
This agreement in South Korea follows recent distribution agreement for Deep TMS in Thailand and agent agreements in Singapore and India; all of which broaden the global distribution and sales of BrainsWay’s innovative technology.
“With an estimated 1.9 million people, or 4.1% of the total population¹, suffering from depressive disorders, South Korea represents an extensive untapped market opportunity for BrainsWay. With Healthcare’s deep industry relationships in South Korea will help expand our commercial footprint for Deep TMS in Asia. We continue to focus on broadening BrainsWay’s international reach via new distributors and agents,” said Yaacov Michlin, President and Chief Executive Officer of BrainsWay.
JeongYeol Jang, With Healthcare’s Chief Executive Officer, commented, “We’re excited to collaborate with innovative medical technology companies like BrainsWay to market cutting-edge technology for patients in South Korea. We look forward to leveraging our expertise and experience in marketing medical devices in South Korea to make Brainsway’s proprietary Deep TMS broadly available throughout the region.”
BrainsWay is engaged in the research, development and sales and marketing of a medical system for non-invasive treatment of common brain disorders. The medical system developed and manufactured by the company is based on a unique breakthrough technology called Deep TMS, which can reach significant depth and breadth of the brain and produce broad stimulation and functional modulation of targeted brain areas. In the U.S., the Company’s device has been FDA cleared for the treatment of major depressive disorder (MDD), and is now FDA cleared for the treatment of Obsessive Compulsive Disorder (OCD). The Company's systems have also received CE clearance and are sold worldwide for the treatment of various brain disorders.
This press release contains forward-looking statements about the Company’s expectations, beliefs and intentions. These forward-looking statements and their implications are based on the current expectations of the management of the Company only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; we may encounter delays or obstacles in launching and/or successfully completing our device studies; our products may not be approved by regulatory agencies; we may be unable to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties may develop with our process; our products may wind up being more expensive than we anticipate; our patents may not be sufficient; our products may harm recipients; changes in legislation; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements.
Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in BrainsWay Ltd.'s periodic filings with the Tel-Aviv Stock Exchange.
Chief Financial Officer