Brainsway registers for $30m IPO

Brainsway has registered for an upcoming initial public offering, looking to bring in $30 million to support its transcranial magnetic stimulation tech, according to a recently posed SEC filing.

The Israel-based company said that it plans to list on the Nasdaq Global Market under the symbol “BWAY,” according to the filing.

Brainsway develops and supports medical platforms based around deep transcranial magnetic stimulation, which use magnetic fields to stimulate nerves in the brain.

Last August, Brainsway won FDA de novo approval for its deep transcranial magnetic stimulation system with indications for treating obsessive compulsive disorder.

With the clearance, the company now has indications on its platform for treating depressive episodes in adult patients with major depressive disorder and for treating OCD in patients who have been non-responsive to traditional treatments.

For its fiscal year 2017, the company posted net losses of approximately $7.1 million, or 48¢ per share, on sales of of approximately $11.2 million for its fiscal year 2017, seeing losses grow 66% while sales shrunk approximately 3.4% when compared to the 2016 fiscal year, according to the SEC filing.

The post Brainsway registers for $30m IPO appeared first on MassDevice.

from MassDevice http://bit.ly/2HdoDrX