BWAY - BrainsWay Expands Global Imprint with Exclusive Multi-Year Distribution Agreement in Canada | Benzinga
BURLINGTON, Mass. and JERUSALEM, June 17, 2024 (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 its broad market entry into Canada for the Company's proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) system through the signing of an exclusive multi-year distribution agreement with a specialty distributor serving both the acute hospital and non-acute healthcare spaces via a team of over 35 sales professionals and a portfolio of products across a range of clinical categories. The agreement includes minimum quantity orders which increase successively over several years, starting with 11 Deep TMS systems to be ordered in 2024.
"We are thrilled to expand our global presence and broadly enter the important Canadian market through this multi-year distribution partnership," said Hadar Levy, Chief Executive Officer of BrainsWay. "A significant mental health crisis endures in Canada and a substantial barrier to treatment currently exists. One in two Canadians have, or have had, a mental illness by the time they reach 40 years of age, and only half of Canadians experiencing a major depressive episode receive potentially adequate care1. We view Deep TMS as a transformational treatment option and look forward to bringing it to as many patients as possible in Canada and beyond."
Deep TMS is delivered through a patented coil design which is housed within a cushioned, patient and provider-friendly helmet. By pulsing a magnetic field that targets affected structures of the brain, the Deep TMS system can stimulate important neural networks involved in mental health conditions. BrainsWay's unique therapeutic solution is currently cleared in Canada to treat major depressive disorder and obsessive-compulsive disorder.
About Major Depressive Disorder and Anxious Depression
Major depressive disorder (MDD) is a common and debilitating form of depression characterized by physiological, emotional, and cognitive symptoms. According to the World Health Organization (WHO), depression affects approximately 264 million people worldwide, and the U.S. National Institute of Mental Health (NIMH) estimates that 21 million adults in the United States suffer from ...