Leader in neurohealth joined by mental health organizations and patient advocates to spotlight proven depression treatment options
MALVERN, Pa., Oct. 21, 2019 /PRNewswire/ -- Neuronetics, Inc. (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 psychiatric disorders, announced today it will ring the Nasdaq Closing Bell on October 22 in honor of National Depression Awareness Month. Neuronetics CEO and President Chris Thatcher will be joined by employees; customers; representatives of leading mental health advocacy organizations, including the Clinical TMS Society; and patient advocates who have achieved remission from their depression after receiving the Company's NeuroStar® Advanced Therapy transcranial magnetic stimulation (TMS) treatment.
Neuronetics is the TMS market leader driving major change in the treatment of depression in the U.S. and around the world. The Company's first commercial product, NeuroStar Advanced Therapy, was the first TMS device to receive FDA clearance in 2008 as a safe and effective option for adult patients with Major Depressive Disorder (MDD). As a non-drug, non-invasive option, NeuroStar is the leader in TMS for depression, having delivered 2.4 million treatments by using magnetic pulses to stimulate areas of the brain that are underactive in depression.1,2 5.5 million people in the United States,3,4,5 and more around the world, with depression do not see relief from antidepressant medications, indicating a real need for treatments like NeuroStar.
"Our ultimate goal is always to transform lives and give hope to people suffering from depression every single day," said Chris Thatcher, CEO and President of Neuronetics, Inc. "NeuroStar is a proven non-drug, non-invasive option that is changing lives. It is an honor to be here today at Nasdaq alongside our partners and brave patient advocates to help fight the stigma and educate during National Depression Awareness Month, and beyond."
In 2018, Neuronetics celebrated a historic moment when it became the first company in the TMS market to go public and began trading on the Nasdaq Global Market under the ticker symbol "STIM." Over the last year, Neuronetics has seen strong financial performance and pursued its vision to transform the neurohealth space by enhancing the treatment experience for patients, growing the number of physicians and health practices to adopt the NeuroStar technology, expanding the international market into Japan, and setting the stage for future treatment indications — all while igniting important conversations on TMS as an innovative depression treatment option that can help patients achieve remission from their depression. Individual results may vary. A physician can help decide if NeuroStar is the right option for a patient.
"The Clinical TMS Society is dedicated to improving awareness, accessibility, and clinical practice of TMS therapy for depression," said Dr. Todd Hutton, President of Clinical TMS Society. "We are honored during National Depression Awareness Month to help foster much-needed conversations about depression treatments and educate people about the availability, safety and efficacy of TMS therapy."
In addition to ringing the Closing Bell during National Depression Awareness Month, Neuronetics launched a national television campaign and new series of patient videos to drive increased awareness of NeuroStar TMS for depression sufferers who do not benefit from antidepressant medications. NeuroStar continues to be the number one TMS choice of doctors6 and is widely covered by insurance, making it an available and accessible treatment for patients. For more information, visit www.neurostar.com.
About NeuroStar® Advanced Therapy
NeuroStar® Advanced Therapy is the market leader in transcranial magnetic stimulation (TMS), a non-invasive form of neuromodulation. NeuroStar Advanced Therapy is the #1 TMS choice of doctors, and doctors and is widely available across the United States.
NeuroStar is reimbursed by most commercial and government health plans, including Medicare and Tricare. In addition, there are programs in place, such as NeuroStar Reimbursement Support, to help patients and providers obtain coverage and reimbursement for NeuroStar Advanced Therapy.
NeuroStar is indicated for the treatment of Major Depressive Disorder in adult patients who have failed to receive satisfactory improvement from prior antidepressant medication in the current episode. In an NIMH-funded, independent, randomized controlled trial, patients treated with TMS using a clinical-trial version of the NeuroStar TMS System were 4.2 times more likely to achieve remission compared to patients receiving sham treatment (P = 0.02; odds ratio = 4.05). The most common side effect is pain or discomfort at or near the treatment site, which usually resolves within one week. It is contraindicated in people with non-removable conductive metal in or near the head.
NeuroStar® is a registered trademark of Neuronetics, Inc. For more information and full safety and prescribing information, visit www.neurostar.com.
Neuronetics, Inc. is a commercial-stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from psychiatric disorders. Our first commercial product, the NeuroStar® Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation, or TMS, to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States Food and Drug Administration, or FDA, for the treatment of Major Depressive Disorder in adult patients who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode. NeuroStar is also available in other parts of the world, including Japan, where it is listed under Japan's national health insurance. Additional information can be found at www.neuronetics.com.
Statements in the press regarding Neuronetics, Inc. (the "Company") that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as "outlook," "potential," "believe," "expect," "plan," "anticipate," "predict," "may," "will," "could," "would" and "should" as well as the negative of these terms and similar expressions. These statements include those relating to: the Company's expectations regarding the build out of and demand for its NeuroStar Advanced Therapy System, including with respect to trends in the incidence of depression, and its expectations or beliefs regarding future applications and development of the System; and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to: continued availability and adequacy of coverage and reimbursement from third-party payors for treatments using the Company's products; physician and patient demand for treatments using the Company's products; developments in respect of competing technologies and therapies for the indications that the Company's products treat, including depression; product defects; the Company's ability to obtain and maintain intellectual property protection for its technology; and developments in regulation in the United States, Japan and other applicable jurisdictions. For a discussion of these and other related risks, please refer to the Company's recent SEC filings which are available on the SEC's website at www.sec.gov. These forward-looking statements are based on the Company's expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in the Company's expectations.
1 Post A, et al. J Psychiatric Research, (2001)
2 Liston C, et al. Biol Psychiatry, (2014)
3 Kessler RC, et al. JAMA, (2003)
4 https://factfinder.census.gov/faces/nav/jsf/pages/index.xhtml, accessed 1/16/2018
5 Gaynes BN et al. Cleveland Clinic Journal of Medicine, (2008)
6 Neuronetics data on file.
7 George MS, et al. Arch Gen Psychiatry, (2010)
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