TECH - BrainsWay Inks Distribution Agreement to Expand Foothold | Benzinga
BrainsWay Ltd. (NASDAQ: BWAY) recently signed an exclusive multi-year distribution agreement with a specialty distributor serving both the acute hospital and non-acute healthcare spaces in Canada. The deal will enable the company to make a broad market entry into Canada for its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) system.
The agreement includes minimum quantity orders, which are likely to increase successively over several years, starting with 11 Deep TMS systems to be ordered in 2024.
BrainsWay's unique therapeutic solution, Deep TMS, is currently cleared in Canada to treat major depressive disorder and obsessive-compulsive disorder (OCD).
The latest agreement is expected to provide a significant boost to BrainsWay's business and expand its global footprint.
Rationale Behind the Agreement
Per the World Health Organization (WHO), depression affects approximately 264 million people worldwide. Additionally, WHO considers OCD to be one of the top 10 debilitating medical conditions associated with a decreased quality of life and loss of income.
Per management, a significant mental health crisis is prevalent in Canada, with the current existence of a substantial barrier to treatment. 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 care. Management ...