Enters into an Agreement to Distribute its Deep Transcranial Magnetic Stimulation System in South Korea.
JERUSALEM, February 20, 2019 – BrainsWay Ltd. (TASE: BRIN), a global leader in the advanced noninvasive treatment of brain disorders, today announced that the Company has entered an exclusive distribution agreement with With Healthcare, a leading distributor of medical devices, to market BrainsWay’s Deep Transcranial Magnetic Stimulation System (Deep TMS) in South Korea. With Healthcare will be responsible for all sales, marketing and commercial activities related to Deep TMS in South Korea. This agreement in South Korea follows recent distribution agreement for Deep TMS in Thailand and agent agreements in Singapore and India; all of which broaden the global distribution and sales of BrainsWay’s innovative technology.
“With an estimated 1.9 million people, or 4.1% of the total population¹, suffering from depressive disorders, South Korea represents an extensive untapped market opportunity for BrainsWay. With Healthcare’s deep industry relationships in South Korea will help expand our commercial footprint for Deep TMS in Asia. We continue to focus on broadening BrainsWay’s international reach via new distributors and agents,” said Yaacov Michlin, President and Chief Executive Officer of BrainsWay.
JeongYeol Jang, With Healthcare’s Chief Executive Officer, commented, “We’re excited to collaborate with innovative medical technology companies like BrainsWay to market cutting-edge technology for patients in South Korea. We look forward to leveraging our expertise and experience in marketing medical devices in South Korea to make BrainsWay’s proprietary Deep TMS broadly available throughout the region.”
BrainsWay is engaged in the research, development and sales and marketing of a medical system for noninvasive
treatment of common brain disorders. The medical system developed and manufactured by the company is based on a unique breakthrough technology called Deep TMS, which can reach significant depth and breadth of the brain and produce broad stimulation and functional modulation of targeted brain areas. In the U.S., the Company’s device has been FDA cleared for the treatment of major depressive disorder (MDD), and is now FDA cleared for the treatment of Obsessive Compulsive Disorder (OCD). The Company’s systems have also received CE clearance and are sold worldwide for the treatment of various brain disorders.