Chief Scientist Office Approves Grant

22 December, 2010

Brainsway Ltd. is pleased to announce that Moach R&D Services Ltd., a wholly owned subsidiary of the Company, has received approval for a grant award from the Office of the Chief Scientist in the Israeli Ministry of Industry, Trade and Labor, for a project related to the Deep TMS System for depression therapy.

The total scope of the approved budget for the project is up to NIS 7,071,976, and the grant awarded will be for 60% of the total budget, in return for payment of royalties on revenues from Deep TMS products and derivatives thereof, accessories, and spare parts for these products, and provision of services, including revenue generated from treatment centers.