Brainsway received marketing approval in Mexico

20 September, 2016

The company developed the Deep TSM system for advanced noninvasive treatments for brain disorders including depression. The company is scouting for a new CEO

The company developed the Deep TSM system for advanced noninvasive treatments for brain disorders including depression. The company is scouting for a new CEO

brainsway

Jerusalem based Brainsway regulatory approval for the marketing and distribution of Brainsway Deep TMS (Transcranial Magnetic Stimulation) in Mexico. The system is used for noninvasive treatment of brain disorders. The Mexican approval authorizes the use Brainsway’s system for treatment in cases of severe depression. The Mexican approval adds to the recently acquired distribution permits in the US, Canada and Europe.

The company entered an exclusive distribution and marketing agreement with Moksha8, a leading specialty pharmaceutical company in Latin America, who has exclusive rights to distribute Deep TMS in Mexico. The partnership between Brainsway and Moksha8 is a long-term one, including specified sales objectives for each year, as well as a commitment to purchase 10 devices within a year from attaining the regulatory approval. Brainsway’s penetration into the Mexican market creates an opportunity for gaining a competitive advantage in this market, as it marks the first time the Deep TMS technology has been approved for clinical use in Mexico.

“At least 15 million Mexicans suffer from a mental illness, many of whom do not have access to quality care,” said David Zacut, chief executive officer of Brainsway.  “Our technology has been well-received globally, and we are confident that together with Moksha8 we will be able to provide hope to the people of Mexico.”

Turbulent times at Brainsway

The Israeli med-tech company is experiencing turbulent times. CEO Dr. Guy Ezekiel has resigned after less than a year in office. He is currently replaced by Chairman David Zacut, while the company is scouting for a new chairman.

Brainsway reported revenues of $2.48 million in Q1 2016. Though this figure represents a 95% increase compared to Q1 2015, the company is still in the red with a net loss of $1.1 million in Q1 2015. One of the company’s major investors – Israeli investment house Yelin Lapidot has sold 20% of its holding in the company, writing a heavy loss. After the announcement this Sunday (18/09/2016), Brainsway’s share price fell 5.8%, giving the company a market cap of NIS 239 million.

Share via Whatsapp

Posted in: Medical , News