Brainsway Sees Partnership as FDA Backs Depression Device
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Brainsway Ltd. expects to reach an agreement this quarter for a medical-device company to market its non-invasive system to treat depression in the U.S., Chief Executive Officer Uzi Sofer said. The stock rose to the highest in almost three years.
Discussions are under way for a deal that may lead to a “large” upfront payment to Brainsway, he said. The company, which is traded on the Tel Aviv Stock Exchange and has a market value of 582 million shekels ($156 million), will seek a stock listing on Nasdaq in the U.S. after the distribution agreement, he said.