Monday, November 23, 2020, at 10:00 AM Eastern Time
CRESSKILL, N.J. and JERUSALEM, Israel, November 17, 2020 (GLOBE NEWSWIRE) – BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in the advanced, non-invasive treatment of brain disorders, today announced that it will host a key opinion leader (KOL) call on Deep Transcranial Magnetic Stimulation (Deep TMS) for treating psychiatric disorders on Monday, November 23, 2020, at 10:00 AM Eastern Time.
The event will feature a presentation by KOL Owen Muir, M.D., a psychiatrist at Brooklyn Minds, who will discuss the current treatment landscape and the unmet medical need in treating patients with psychiatric diseases, such as major depressive disorder (MDD) and obsessive-compulsive disorder (OCD). Dr. Muir will be available to answer questions at the conclusion of the call.
BrainsWay’s management team will also provide an update on the company’s commercial and development efforts around its platform technology, Deep TMS, which achieves deeper and broader brain stimulation. This non-invasive and effective treatment activates deep brain structures by using directed electromagnetic fields that generate excitation or inhibition of neurons in targeted structures of the brain. Deep TMS has received marketing authorization from the U.S. Food and Drug Administration for a variety of patient populations, including in 2013 for patients with MDD, in 2018 for patients with OCD, and in 2020 for patients with smoking addiction.
Dr. Muir is co-founder of and Medical Director at Brooklyn Minds. He oversees the site’s cutting-edge Deep Transcranial Magnetic Stimulation (Deep TMS) program. Not only is he one of the five official supervisors in North America for Mentalization-Based Treatment (MBT) for adults, he has additional training in using MBT strategies with adolescents, families, and even teams and systems, and is co-editor of the Springer book “Adolescent Suicide and Self Injury: a Mentalization-Based Treatment Approach.” As Chief Innovation Officer, Dr. Muir has secured Brooklyn Minds’ position as the only site in America offering full, on-model MBT services for adolescents in an outpatient setting. He is proud to have made Brooklyn Minds one of the largest outpatient MBT practices for adults, children, and families in the country. He received his Medical Degree from The University of Rochester School of Medicine, completed adult psychiatry residency at the Hofstra-Northwell School of Medicine at the Zucker Hillside Hospital, and completed his child psychiatry fellowship at NYU School of Medicine.
More than 2.5 million adults in the United States suffer from OCD every year. It is a chronic psychiatric illness characterized by a pattern of obsessive thoughts and compulsive repetitive behaviors, which has a significantly destructive effect on patients’ day-to-day activities. Current treatment options include high dosages of SRI antidepressant medications (Clomipramine, Fluoxetine, Sertraline, Paroxetine and Fluvoxamine), a form of CBT called exposure and response prevention (ERP), or a combination of these treatment options. OCD is very difficult to treat since many patients do not respond or tolerate medications and ERP. OCD is usually comorbid with other conditions (such as depression or bipolar disorders), making the patient effectively treatment resistant and increasing the illness and treatment burden. As many as 1 in 2 OCD patients have suicidal thoughts, 1 in 4 will attempt suicide in their lifetime, and the risk of completed suicide is ten times higher with OCD than without.
BrainsWay is a commercial stage medical device company focused on the development and sale of non-invasive neurostimulation products using the Company’s proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform technology. The Company received marketing authorization from the U.S. Food and Drug Administration (FDA) for its products for a variety of patient populations, including in 2013 for patients with major depressive disorder (MDD), in 2018 for patients with obsessive-compulsive disorder (OCD), and in 2020 for patients with smoking addiction. BrainsWay is currently conducting clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders. To learn more, please visit www.brainsway.com
Forward Looking Statements
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. 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, and the effect of the global COVID-19 health pandemic on our business and continued uncertainty and market impact relating thereto.
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