JERUSALEM, May 1, 2013 (GLOBE NEWSWIRE) -- Brainsway Ltd. (TASE:BRIN) ("Brainsway" or the "Company") is proud to announce that, after completing production of approximately 100 Deep TMS systems, it intends to initiate U.S. commercial sales of the device within the next few days. In addition, Brainsway has slated the official U.S. marketing launch of Deep TMS for the American Psychiatric Association ("APA") 2013 Annual Meeting to be held May 18-22 in San Francisco, CA.
In January 2013, the U.S. Food and Drug Administration ("FDA") approved Brainsway's proprietary Deep TMS device for the treatment of depression in patients who have failed to respond to antidepressant medications in their current episode of depression. This approval represented a major breakthrough for the Company, providing it with access to the U.S. market for depression therapy, which is valued at tens of billions of dollars per year.
"We are very pleased to have now completed all of the necessary preparations for a successful commercial launch of Deep TMS in the United States," commented Brainsway's CEO, Uzi Sofer. "Over the past few months, we have seen doctor awareness of Deep TMS gain momentum around the world. Indeed, in the U.S. alone, we have already been contacted by hundreds of psychiatrists who are interested in incorporating Deep TMS therapy into their practices. We are looking forward to officially unveiling our technology at the APA meeting."
Mr. Sofer concluded, "The safety and efficacy of depression therapy with Brainsway's groundbreaking Deep TMS device have been demonstrated extensively and our excitement continues to grow about the potential Deep TMS treatment represents in delivering hope for the first time to millions of Americans suffering from this devastating disease."
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.