BrainsWay Signs Exclusive Distribution Agreement with Gaelan Medical Trade LLC
January 25 2021 - 8:00AM
BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the
“Company”), a global leader in the advanced non-invasive treatment
of brain disorders, announced an exclusive distribution agreement
with Gaelan Medical Trade LLC (“Gaelan”), a leading healthcare
company with extensive distribution channels in the United Arab
Emirates (UAE). The agreement establishes a multiyear framework
whereby BrainsWay will supply its patented, revolutionary Deep
Transcranial Magnetic Stimulation (Deep TMS) system, which is
currently marketed in various markets for brain disorders including
major depressive disorder (MDD) and obsessive-compulsive disorder
(OCD), to now be marketed and sold throughout the UAE.
The agreement between BrainsWay and Gaelan, a
member of the Dubai-based international conglomerate Ghassan Aboud
Group, follows the recent historic diplomatic breakthrough in
economic ties established with The Abraham Accords Declaration,
which was recently signed between Israel, the UAE, and the United
States.
“We are thrilled to build upon the historic
momentum achieved with the Abraham Accords by bringing our Deep TMS
treatment to those patients suffering from often debilitating
disorders such as depression and OCD in this new market,” said
Christopher von Jako, Ph.D., President and Chief Executive Officer
of BrainsWay. “It is truly a privilege to have this new opportunity
to work with Galean in order to expand access to this lifesaving
technology.”
“We are pleased to partner with BrainsWay to
introduce this noninvasive, clinically-proven treatment to the
UAE,” stated Ghassan Aboud, Chairman and founder of the Ghassan
Aboud Group. “We are eager to begin distribution of BrainsWay’s
important technology to help improve mental health and transform
lives.”
About BrainsWayBrainsWay is a
commercial stage medical device company focused on the development
and sale of non-invasive neurostimulation products using the
Company’s proprietary Deep Transcranial Magnetic Stimulation (Deep
TMS) platform technology. The Company received marketing
authorization from the U.S. Food and Drug Administration (FDA) for
its products for a variety of patient populations, including in
2013 for patients with major depressive disorder (MDD), in 2018 for
patients with obsessive-compulsive disorder (OCD), and in 2020 for
patients with smoking addiction. BrainsWay is currently conducting
clinical trials of Deep TMS in various psychiatric, neurological,
and addiction disorders. To learn more, please visit
www.brainsway.com.
About Ghassan Aboud
GroupGhassan Aboud Group is an international conglomerate
that has been engaged in several key business sectors including
health care, automotive, hospitality, real estate, retail,
catering, logistics, pastoral, trade, distribution, and media for
more than two decades.
Headquartered in the United Arab Emirates, GAG’s
business operations are complemented by offices in Australia,
Belgium, Jordan and Turkey. Ghassan Aboud Group believes that
productivity, innovation and transformation require community
engagement and ensures that its exclusive portfolio operates in a
corporate conscious and a responsible manner making people the
number one priority behind its vision “Being at the forefront of
excellence”.
Gaelan Medical, GAG’s UAE based healthcare and
beauty distribution business follows a mission of care and cure and
is dedicated to support healthcare providers with world-class
solutions to better serve communities across the GCC region. Gaelan
Medical, with its experienced management team, caters to diverse
healthcare needs including, pharmaceuticals, medical consumables,
medical equipment and beauty products. The company's flexibility
and strong financial capabilities of its parent company GAG makes
it the preferred partner-of-choice and one stop solution for the
region.
Forward Looking StatementsThis
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements may be preceded by the words “intends,” “may,”
“will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. These forward-looking statements and their
implications are based on the current expectations of the
management of the Company only and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: inadequacy of financial resources to meet future
capital requirements; changes in technology and market
requirements; delays or obstacles in launching and/or successfully
completing planned studies and clinical trials; failure to obtain
approvals by regulatory agencies on the Company’s anticipated
timeframe, or at all; inability to retain or attract key employees
whose knowledge is essential to the development of Deep TMS
products; unforeseen difficulties with Deep TMS products and
processes, and/or inability to develop necessary enhancements;
unexpected costs related to Deep TMS products; failure to obtain
and maintain adequate protection of the Company’s intellectual
property, including intellectual property licensed to the Company;
the potential for product liability; changes in legislation and
applicable rules and regulations; unfavorable market perception and
acceptance of Deep TMS technology; inadequate or delays in
reimbursement from third-party payers, including insurance
companies and Medicare; inability to commercialize Deep TMS,
including internationally, by the Company or through third-party
distributors; product development by competitors; inability to
timely develop and introduce new technologies, products and
applications, and the effect of the global COVID-19 health pandemic
on our business and continued uncertainty and market impact
relating thereto.
Any forward-looking statement in this press
release speaks only as of the date of this press release. The
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws. More detailed information about the
risks and uncertainties affecting the Company is contained under
the heading “Risk Factors” in the Company’s filings with the U.S.
Securities and Exchange Commission.
Contact: BrainsWay: Hadar LevySVP and General
ManagerHadarL@brainsway.com
Media Contact:Will Johnson(201)
465-8019Brainsway@antennagroup.com
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