BURLINGTON, Mass. and JERUSALEM, March 02, 2023 (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 that it has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023.
This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. These companies selected by Fast Company are setting the standard with some of the greatest accomplishments of the modern world.
“We are deeply honored to be named a ‘World’s Most Innovative Company’ by Fast Company,” stated Hadar Levy, BrainsWay’s Chief Executive Officer. “This award recognizes the innovation we display each day. Through innovation, we are working to create a world where mental health is within reach for all. We owe our success as a team to more than just having the best technology and platform. Our customers believe in us, and, ultimately, allow us to serve more patients with truly transformative new therapies for all people struggling with brain disorders.”
Fast Company Editor-in-Chief Brendan Vaughan said, “This year’s list compiles some of the most cutting-edge groundbreakers who are changing our world every single day, from legacy organizations like McDonald’s to upstarts like MrBeast and institutions such as NASA. Everyone on this list does something completely, uniquely different, yet, they all have one thing in common: innovation.”
BrainsWay is recognized with the award for its innovative work in treating adults suffering from major depressive disorder. In August of 2022, the Company received clearance from the FDA to treat depression with the Company’s H7 Coil, giving clinicians another powerful nonpharmaceutical tool to treat depression in addition to the H1 Coil.
The Company is also recognized for publishing key research data in two leading peer-reviewed industry journals highlighting the durability and cost-effectiveness of Deep TMS treatment for patients coping with obsessive-compulsive disorder (OCD). In recognition of the value that BrainsWay Deep TMS brings to patients backed by clinical data, several major health insurance providers extended coverage for OCD patients in 2022. This brought the total number of lives covered for Deep TMS treatment of OCD to 90 million.
The “World’s Most Innovative Companies” list is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy. In addition to the World’s 50 Most Innovative Companies, 540 organizations were recognized across 54 sectors and regions.
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 clinical 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.
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. 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
LifeSci Advisors LLC
Meghan Seale Laska