In return, Yelin took nearly 5.5% of Brainsway’s share capital and voting rights, Israel’s Globes news source reported. The company plans to use the funds to widen its global footprint, CEO Uzi Sofer told the paper.
"The terms of the placement are excellent and the price is in line with the market price during the negotiations on the terms of the deal," Sofer said. "We will continue to work hard to realize the company’s potential and to sell its products in new and current markets, and to obtain approval for new indications for the system."
Jerusalem-based Brainsway has had Israeli regulatory approval since October 2011 for its transcranial magnetic stimulation device to treat major depression, bipolar disorder and negative impairment in schizophrenia patients.
The company announced this month that it leased one of its Deep TMS systems to Harvard University’s McLean Hospital, planning to rake in payments on a per-patient-treated basis.
BRSYF shares closed today at $17.28, an increase of nearly 13% on the day.