Brainsway®'s Deep TMS System to be Marketed and Distributed in Nordic Countries
Brainsway Ltd. is pleased to announce the execution of an agreement for the marketing and distribution of its Deep TMS device in Nordic countries, including Sweden, Denmark, Norway, Finland and Iceland.
The agreement has a term of 10 years. The distributor will promote, market and distribute Brainsway's Deep TMS devices for the treatment of patients with major depression, schizophrenia, bipolar disorder, Parkinson's disease, post-traumatic stress syndrome, neuropathic pain and all other indications approved by the relevant authorities in the Nordic countries. It should be noted that, while the distributor is committed to achieving the necessary regulatory approvals to market the Deep TMS device for various indications in the Nordic within 90 days of signing the agreement, those approvals have not been obtained to-date. The agreement is mutually exclusive and the parties have agreed to set minimum annual device placement requirements. While not expected to be equal across each year of the agreement, the total minimum number of device placements throughout the agreement's term is 1,203.
Uzi Sofer, Brainsway's Chief Executive Officer, commented, "Expanding our global distribution network is a major growth driver for Brainsway as we work to increase awareness, acceptance and adoption of Deep TMS. Accordingly, the signing of this agreement, which will add significantly to the number of European countries where Deep TMS is commercially available, is a key milestone achievement for our Company."