| JERUSALEM, March 25
JERUSALEM, March 25 Israeli medical device maker
Brainsway expects strong growth following the launch
of its treatment of depression and hopes to access new markets
once its system finishes trials in treating a number of other
Brainsway developed a helmet that shoots magnetic pulses
into the brain of patients with neurological disorders. The
pulses stimulate neurons and improve function in the affected
areas, the company says.
This method, known as transcranial magnetic stimulation, is
like a tamer, safer and more precise version of electro-shock
therapy and has been used for years.
Brainsway says its technology is unique because it can
penetrate deeper than any other non-invasive method being used,
allowing it to target areas of the brain that were until now
The company has installed over 70 of its units, mostly in
the United States, and on Tuesday reported that 2013 revenue
grew to 4.29 million shekels ($1.23 million) from 1.36 million
in 2012. Net loss from regular operations in 2013 narrowed to
15.41 million shekels from 21.22 million.
The company raised $11.8 million this month to boost
"We hope this trend will continue and even get stronger,"
Chief Executive Uzi Sofer told Reuters in an interview. "The
company is aiming for thousands of installations for different
diseases in the future."
Brainsway received Federal Drug Administration approval last
year for treating patients with major depression disorder. Other
trials are underway for fighting diseases like Parkinson's and
Alzheimer's, addictions, and stress and eating disorders.
Sofer said he is already optimistic about a study being done
at Harvard University on whether Brainsway's system can help
Ronen Segal, chief technical officer, said "many of the big
players in this market, including medical device companies and
even pharmaceutical companies" have taken notice and that there
is potential for collaboration in areas like distribution and
research and development.
(Editing by Tova Cohen)