Brainsway also received $1 million over the weekend from the Japanese distributor with which it signed an agreement several weeks ago.
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Brainsway CEO Uzi Sofer said, “Due to the interest from organizations in Israel and abroad, the company decided to take advantage of the business momentum that it has gained and raise capital that will allow it to expand its production infrastructures and support speeding up sales of the Deep TMS system worldwide.”
He added, “Brainsway is undergoing an impetus not seen since its founding and global activities are yielding significant achievements in Japan, the US, and other countries. At the same time, Brainsway is moving ahead with clinical trials that are reaching their final stages, and a broad multiyear R&D program, some of which is being implemented as part of the Chief Scientist’s Magnet program, and increasing production capacity according to marketing and sales needs.”
Brainsway’s share price rose 1.4% in morning trading on the TASE to NIS 53.17.
Published by Globes [online], Israel business news – www.globes-online.com – on October 6, 2013