JERUSALEM, September 11, 2013 Brainsway® Ltd. (TASE:BRIN) announced a new distribution agreement with Century Medical Inc., a leading Japanese company from the ITOCHU Group, specializing in the import and distribution of medical devices and equipment in Japan.
According to the agreement, Century Medical will have an exclusive right for the distribution of Brainsway's Deep TMS systems for treating Major Depressive Disorder in Japan, for a period of ten years. The agreement will be extended by five additional years in the case that the distributor meets the minimum income thresholds stipulated by the agreement. The Distributor also has an option for distribution of Brainsway's Deep TMS technology for additional indications in Japan.
Century Medical will pay 190M Japanese Yen for the distribution license, in two installments: an advance payment of 100M Japanese Yen, and an additional 90M Japanese Yen upon receiving approval for marketing the system in Japan.