Medical device company Brainsway Ltd. plans to sell American depositary shares representing up to $30 million of its ordinary shares in an IPO in the U.S.
Brainsway has applied to list its ADSs on the Nasdaq Global Market under the symbol BWAY. The company's ordinary shares are listed on the Tel Aviv Stock Exchange under the symbol BRIN.
The company said in a Jan. 14 filing that its ordinary shares are listed on the Tel Aviv Stock Exchange under the symbol BRIN and had a sale price of about $5.85 per share as of Jan. 13.
Brainsway is focused on the development and sale of noninvasive neuromodulation products using our proprietary Deep Transcranial Magnetic Stimulation technology to treat major depressive disorder and obsessive-compulsive disorder and has received marketing authorization from the U.S. Food and Drug Administration for the the technology's use, which uses magnetic pulses to stimulate neurons and modulate the physiological activity of the brain.
In November 2018, the technology was selected in the U.S. regulator's Innovation Challenge, which called for medical devices or concepts that would more safely treat opioid use disorder, detect and treat overdose, dispense medication, and treat pain.
Yaacov Michlin has served as the company's president and CEO since April 2017. He has also been a co-chairman of Israeli Advanced Technology Industries Organization since October 2018. Before joining the company, he was president and CEO of Yissum Research Development Co. of the Hebrew University of Jerusalem from 2009 to 2017.
Brainsway said it plans to use the net proceeds from the offering for studies of its Deep Transcranial Magnetic Stimulation technology for opioid addiction; post-stroke rehabilitation; and fatigue in multiple sclerosis, a chronic disorder that affects the brain and spinal cord, causing problems with vision, arm or leg movement, sensation, or balance.
The commercial-stage medical device company will also use the proceeds for sales and marketing and the repayment of the outstanding balance of borrowings under its credit facility. The remaining proceeds will be used for working capital and general corporate purposes.
Cantor Fitzgerald & Co. is acting as an underwriter and book-running manager in the IPO.