Brainsway in talks to sell anti-depression device in N America

JERUSALEM Mon Jan 21, 2013 6:08am EST

JERUSALEM Jan 21 (Reuters) - Israel's Brainsway is in talks with a number of companies in the United States and Canada to sell its device for the treatment of depression in patients who fail to respond to medication.

"Brainsway is in negotiations and in discussions with a few companies - large and mid-sized - to finalise partnerships and marketing agreements in North America," Uzi Sofer, Brainsway's chief executive, told Reuters.

Earlier this month, Brainsway received U.S. and Canadian regulatory approval to market its Deep TMS (transcranial magnetic stimulation). The company estimates the U.S. market alone at tens of billions of dollars.

Sofer said negotiations with some of the companies, which he declined to name, were advanced but no deal was imminent and could take months.

Forging a marketing deal, he said, would be difficult since Brainsway's product has numerous applications so it is not clear whether there will be one or multiple distribution agreements.

Sofer noted that once a deal is finalised the company intends to list its shares on Nasdaq in addition to the Tel Aviv Stock Exchange.

Brainsway's shares were 6.3 percent higher at 46.21 shekels in early afternoon trading.

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