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Summary of Highlights
Brainsway raised $ 27.5 million in ADS; fundraising success is a testament to the confidence of the US market in the company as well as its continued sales in this market.
Brainsway announced that it successfully completed the pricing stage for raising $27.5 million (before deducting additional fees and expenses related to the issue). In the framework of the round, 2.5 million American Depositary Shares (ADS), each representing 2 ordinary shares of Brainsway, will be issued at a price of $ 11 per ADS, without a discount on the closing price of the Company's share on the last trading day (April 15, 2019) in Tel Aviv. The depositary certificates are expected to begin trading on the NASDAQ under the symbol "BWAY" on April 17, 2019.
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About the company - Brainsway Ltd. is an Israeli medical device company and a global leader in the advanced noninvasive treatment of brain disorders, which focuses on the development and commercialization of an H-coil helmet device for Deep Transcranial Magnetic Stimulation (dTMS). dTMS enables non-invasive activation of deep brain structures, 2.5 times deeper than standard TMS, and can be used to treat a broad range of brain disorders. The company has FDA market approval for Major Depressive Disorder (MDD) treatment and recently received it for Obsessive Compulsive Disorder (OCD) treatment. The company also has wide reimbursement coverage for MDD. Please click here (https://ww2.frost.com/research/equity-research/brainsway-ltd/)
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.
SOURCE Frost & Sullivan