JERUSALEM, Jan. 16, 2013 (GLOBE NEWSWIRE) -- Brainsway Ltd. (TASE:BRIN) ("Brainsway" or the "Company") announced today that it has received a medical device license to market its Deep TMS system in Canada for the treatment of depression in patients for whom drug treatment has not improved their condition.
According to the Canadian Psychiatric Association, one in four women and one in ten men can expect to develop depression at some point in their lives. People experiencing depression may have thoughts of suicide. In fact, many doctors believe that depression is the illness that underlies the majority of suicides in Canada. Suicide is one of the leading causes of death among people between the ages of 15 to 24.
Uzi Sofer, CEO of Brainsway, commented, "On the heels of U.S. FDA approval of our Deep TMS technology, this Health Canada approval represents the achievement of another significant regulatory and commercialization milestone for our Company. More importantly, Deep TMS offers hope, in many cases for the first time, to those Canadians suffering from depression that have failed to respond to drug therapy. Canada is an important market for us and we look forward to making this groundbreaking treatment available there soon."
About Brainsway Ltd.
Brainsway develops a medical device for the noninvasive treatment of common brain disorders. The device is based on a uniquely shaped electromagnetic coil connected to a rapidly changing current supply, which produces magnetic fields capable of affecting different areas of the brain. Deep brain areas can be either excited or inhibited, depending on the frequency of the magnetic field.