Following positive trial results in the treatment of major depression, Israel’s Brainsway has raised $4.3 million.
The funding came from an allotment of shares and warrants to a group of investors led by the private equity fund, Shavit Capital. Brainsway has the right to raise another $1 million within two weeks, according to a report in the Globes business daily.
The latest clinical trial involved 233 patients at 14 medical centers in the United States, four in Israel, two in Germany and one in Canada. It assessed the safety and efficacy of Deep Transcranial Magnetic Stimulation (“Deep TMS”) with the company’s H-Coil device in the treatment of major depression.
“This multicenter clinical trial, which was carried out in some of the finest psychiatric treatment centers, shows us that the Deep TMS device is safe and effective for the treatment of major depression,” said Prof. Hilik Levkovitz, Director of the Day Care Unit and the Emotion and Cognition Research Center at the Shalvata Mental Health Hospital. “The proof of the safety and efficacy of the device is nothing less than a breakthrough, a beacon of hope for psychiatric patients, and a real source of pride of Israel.”
Brainsway’s Deep TMS system was recently included in ISRAEL21c’s video featuring the best and brightest innovations coming out of Israel.
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