BrainsWay recently announced that it closed an underwritten public offering worth approximately $45.2 million in proceeds.
The non-invasive brain disorder treatment developer offered more than 5.3 million American Depositary Shares (ADSs), upsized to include 693,300 ADSs sold pursuant to the underwriters’ exercise in full of their option to purchase additional shares at $8.50 per share, according to a news release out last month.
Oppenheimer & Co. acted as the sole book-running manager for the offering. Ladenburg Thalmann and Northland Capital Markets acted as the co-managers.
BrainsWay did not list an intended use of proceeds for the funds raised. The company develops neurostimulation products using its proprietary deep transcranial magnetic stimulation (Deep TMS) platform.
The company has marketing authorization from the FDA for its products for a range of patient populations, including indications for treating major depressive disorder, obsessive-compulsive disorder and smoking addiction.