Brainsway raises $9M to step up depression device sales

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Israel's Brainsway is built upon deep transcranial magnetic stimulation technology that originated at the NIH (Courtesy of Zachi Evenor [CC BY 3.0])

Brainsway has pulled in $8.5 million to advance its brain disorder treatment business. The device maker plans to funnel the money into the commercialization of its transcranial stimulation product and the expansion of its use into new indications.

Jerusalem, Israel-based Brainsway’s business is built upon deep transcranial magnetic stimulation technology that originated at the NIH. Brainsway developed the IP into a device intended to treat major depressive disorder by modifying electrical activity in the patient’s brain. The device consists of a helmet lined with coils that deliver magnetic stimulation to the brain. 

Brainsway has picked up regulatory clearances on both sides of the Atlantic for the device, and has now rounded up money to build on this platform. 

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“Strengthening the company’s capital base allows Brainsway to expand the lease and sale of the Deep TMS Systems for the treatment of major depressive disorder in the U.S. and additional markets,” Brainsway CEO Yaacov Michlin said in a statement.

Brainsway has earmarked another tranche of the funding to prepare to start selling its system as a treatment for obsessive compulsive disorder in the U.S. and other markets. Commercialization of the device in that indication is predicated on Brainsway getting the required regulatory clearances.

Michlin and his colleagues plan to put the remainder of the money into further development of the technology. That will entail committing more resources to ongoing trials while also preparing to initiate new studies targeting neurological and addiction conditions.