Israel's Brainsway has filed its prospectus with the SEC to raise $30 million on NASDAQ. The company says in the filing that it will use approximately 70 to 75 percent of the net proceeds for entering new markets and mass producing its non-invasive deep transcranial magnetic stimulation device. It adds that 15 percent of the net proceeds will be used for ongoing and future clinical trials for all applications of the deep TMS system, while another 10 to 15 percent will be applied towards funding operations and general corporate purposes.
Brainsway's deep TMS system applies brief magnetic pulses to the brain administered by passing high currents through an electromagnetic coil placed adjacent to a patient's scalp, according to the company's website. The pulses induce an electric field in the underlying brain tissue. The company says the system is designed to assist in the treatment of clinical depression, schizophrenia, bipolar disorder and Alzheimer's disease.
Brainsway is performing clinical trials to demonstrate the safety and efficacy of the technology at various medical centers, including Johns Hopkins and Columbia University, according to the company's SEC filing. It has applied to have its ordinary shares listed on the NASDAQ under the symbol "BRIN".
Globes reports that Brainsway recently got EU CE Mark to use its system for the treatment of Parkinson's disease and as a supplemental treatment for patients taking antidepressants.