Dr. Seidel has more than 20 years of experience in the medical device industry
BURLINGTON, Mass. and JERUSALEM, March 28, 2022 (GLOBE NEWSWIRE) – BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced the appointment of Joachim “Joe” Seidel, Ph.D., to the newly created position of Vice President of Corporate Development and Strategy. Dr. Seidel has more than 20 years of experience in the medical device industry and has held positions in business development, corporate strategy, program management, and research and development. He will be responsible for pursuing strategic opportunities for BrainsWay and overseeing its global corporate development initiatives.
“Joe brings a unique breadth of experience to the BrainsWay management team that combines a strong scientific and technology background with domain expertise in multiple clinical areas,” said Christopher von Jako, Ph.D., President and Chief Executive Officer of BrainsWay. “The enhancement of our corporate development activities represents a critical long-term growth driver for BrainsWay, and we believe Joe’s expertise is ideally suited to lead these efforts globally. This appointment reflects our ongoing commitment to continue pursuing new market opportunities in both in the U.S. and internationally in order to maximize value for the Company’s stakeholders.”
“I am thrilled to join BrainsWay at such an exciting time in its corporate evolution,” commented Dr. Seidel. “BrainsWay is a highly innovative company that is growing significantly due to expanding demand for its Deep TMS™ therapy in multiple indications. I look forward to leveraging my diverse background in the medical device industry to identify new potential growth opportunities for the Company globally.”
Dr. Seidel joins BrainsWay after leading a business consulting firm where he helped midsize medtech and start-up companies bring breakthrough technologies to market and develop domestic and international expansion strategies. Prior to this, Dr. Seidel held corporate development and strategy roles at Covidien, Medtronic, and PAREXEL. At Covidien, he led the technical assessment and market diligence of merger and acquisition opportunities in the vascular interventional space that led to the $2.8 billion acquisition of ev3. Dr. Seidel later guided investment decisions across Asia, Eastern Europe, Middle East, Africa, and Latin America, resulting in double-digit revenue growth for the emerging markets business. Prior to his transition to management roles, Dr. Seidel led research and development projects at Johnson & Johnson and Arsenal Medical in orthopedic and ophthalmic surgery. He brings a strong science background to the team, with academic research conducted at ETH Zurich and Massachusetts Institute of Technology (MIT).
Dr. Seidel holds a Ph.D. in Biomedical Engineering and an Engineering degree in Materials Science from the Federal Institute of Technology (Zürich, Switzerland). He was a visiting scientist at MIT and conducted research on drug delivery and tissue engineering in Robert Langer’s Lab.
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with offices in Burlington, MA and Jerusalem, Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit www.brainsway.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company’s anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements.
Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission.
SVP and Chief Financial Officer