CRESSKILL, N.J. and JERUSALEM, Israel, Jan. 25, 2021 (GLOBE NEWSWIRE) – BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in the advanced non-invasive treatment of brain disorders, announced an exclusive distribution agreement with Gaelan Medical Trade LLC (“Gaelan”), a leading healthcare company with extensive distribution channels in the United Arab Emirates (UAE). The agreement establishes a multiyear framework whereby BrainsWay will supply its patented, revolutionary Deep Transcranial Magnetic Stimulation (Deep TMS) system, which is currently marketed in various markets for brain disorders including major depressive disorder (MDD) and obsessive-compulsive disorder (OCD), to now be marketed and sold throughout the UAE.
The agreement between BrainsWay and Gaelan, a member of the Dubai-based international conglomerate Ghassan Aboud Group, follows the recent historic diplomatic breakthrough in economic ties established with The Abraham Accords Declaration, which was recently signed between Israel, the UAE, and the United States.
“We are thrilled to build upon the historic momentum achieved with the Abraham Accords by bringing our Deep TMS treatment to those patients suffering from often debilitating disorders such as depression and OCD in this new market,” said Christopher von Jako, Ph.D., President and Chief Executive Officer of BrainsWay. “It is truly a privilege to have this new opportunity to work with Galean in order to expand access to this lifesaving technology.”
“We are pleased to partner with BrainsWay to introduce this noninvasive, clinically-proven treatment to the UAE,” stated Ghassan Aboud, Chairman and founder of the Ghassan Aboud Group. “We are eager to begin distribution of BrainsWay’s important technology to help improve mental health and transform lives.”
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.
About Ghassan Aboud Group
Ghassan Aboud Group is an international conglomerate that has been engaged in several key business sectors including health care, automotive, hospitality, real estate, retail, catering, logistics, pastoral, trade, distribution, and media for more than two decades.
Headquartered in the United Arab Emirates, GAG’s business operations are complemented by offices in Australia, Belgium, Jordan and Turkey. Ghassan Aboud Group believes that productivity, innovation and transformation require community engagement and ensures that its exclusive portfolio operates in a corporate conscious and a responsible manner making people the number one priority behind its vision “Being at the forefront of excellence”.
Gaelan Medical, GAG’s UAE based healthcare and beauty distribution business follows a mission of care and cure and is dedicated to support healthcare providers with world-class solutions to better serve communities across the GCC region. Gaelan Medical, with its experienced management team, caters to diverse healthcare needs including, pharmaceuticals, medical consumables, medical equipment and beauty products. The company’s flexibility and strong financial capabilities of its parent company GAG makes it the preferred partner-of-choice and one stop solution for the region.
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 General Manager