Brainsway this week set the terms on its forthcoming initial public offering in the U.S., saying it hopes to raise nearly $30 million.
The Jerusalem-based company, which developed a transcranial magnetic stimulation device to treat psychological disorders, said it plans to float 2.5 million American Depository shares at roughly $11.94 apiece. Each ADS is slated to represent two ordinary shares, Brainsway said; the U.S. offering price is based on the April 2 closing price of ₪21.64, or roughly $5.97, and is subject to change.
The company plans to list on the NASDAQ exchange under the symbol “BWAY,” according to a regulatory filing.
Last August, Brainsway won FDA de novo approval for its deep transcranial magnetic stimulation system with indications for treating obsessive compulsive disorder.
BRIN shares closed down -4.8% at ₪20.22 yesterday in Tel Aviv.