Neuronetics Announces Commercial Agreement with Success TMS
MALVERN, Pa., Oct. 05, 2021 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial-stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, today announced a commercial agreement with Success TMS in which Success TMS will exclusively utilize Neuronetics’ platform, NeuroStar Advanced Therapy for Mental Health, for the treatment of patients suffering from treatment-resistant major depressive disorder (MDD). In connection with the commercial agreement, the Company has made a strategic investment in Success TMS in the form of a $10 million term loan to further accelerate the growth of Success TMS’ business.
“We are thrilled to be expanding our relationship with Success TMS, one of the nation’s largest and fastest growing TMS providers,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “Neurohealth disorders continue to plague patients in the United States. Both we and Success TMS share a goal of transforming patient lives by increasing access to safe, effective, non-drug therapeutic alternatives. We look forward to continuing our together as strategic partners to bring the benefits of NeuroStar Advanced Therapy for Mental Health to as many patients as possible.”
Commercial Agreement
On September 29, 2021, the Company entered into an exclusive, five-year commercial agreement with Success TMS. As part of the agreement, Success TMS will exclusively utilize Neuronetics’ NeuroStar Advanced Therapy for Mental Health to treat patients suffering from treatment-resistant MDD. The agreement also includes exclusivity for additional indications for use following U.S. regulatory clearances.
Strategic Investment
In connection with the Commercial Agreement, the Company has made a strategic investment in Success TMS in the form of a five-year $10 million term loan. The capital will support Success TMS’s continued expansion in the United States.
“Our mission is to deliver the absolute best medical care to patients suffering from depression and other neurohealth disorders,” said Jonathan Michel, Founder of Success TMS. “Our partnership with Neuronetics not only provides our practitioners with the most effective therapeutic platform in the industry, it also provides us with the capital we need to help support our vision to triple in size over the next two years.”
About Success TMS
Success TMS has provided over 250,000 treatments in just 3 short years at 30 patient care sites in 6 states. Transcranial magnetic stimulation (TMS) is a safe FDA-approved drug- free alternative for those who suffer from depression and have not had success with more traditional approaches. Covered by most major insurances, 68% of TMS patients achieve significant improvement in just one course of treatments and 45% achieve complete remission, with patient outcomes far outperforming traditional medications. Success TMS has locations in Florida, Pennsylvania, New Jersey, Illinois, Wisconsin, and Nevada.
About Neuronetics
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience and the largest TMS company in the industry, Neuronetics is redefining patient and physician expectations by designing and developing products that improve the quality of life for people suffering from neurohealth conditions. An FDA-cleared, non-drug, noninvasive treatment for people with depression, Neuronetics’ NeuroStar® Advanced Therapy system is today’s leading transcranial magnetic stimulation (TMS) treatment for major depressive disorder in adults with over four million treatments delivered. NeuroStar is widely researched and backed by the largest clinical data set of any TMS system for depression, including the world’s largest depression Outcomes Registry. Neuronetics is committed to transforming lives by offering an exceptional treatment option that produces extraordinary results. For safety information and indications for use, visit NeuroStar.com.
Investor Contact:
Mike Vallie or Mark Klausner
Westwicke Partners
443-213-0499
ir@neuronetics.com
Media Contact:
EvolveMKD
646.517.4220
NeuroStar@evolvemkd.com
