Neuronetics (NSDQ:STIM) said today that it entered into a partnership with Success TMS to offer Neuronetics’ NeuroStar advanced therapy system as its preferred transcranial magnetic stimulation device across six states.
The NeuroStar system is designed to use strong magnetic fields to stimulate areas of the brain associated with mood in the treatment of patients with major depressive disorder who do not respond to medication. In July, Neuronetics launched a patient data management system designed to simplify administrative tasks and enable doctors to spend more time on patient care for those implanted with the NeuroStar.
Success TMS, which specializes in non-drug, non-invasive treatments for adult patients with major depressive disorder, is slated to offer the NeuroStar system as its preferred TMS device at each of its 21 locations in six states over three years, according to a news release.
The companies expect the agreement to allow for treatment of thousands of patients across Success TMS’ locations. Success TMS also plans to launch new clinics in new and existing regions over the next 18 months, including four in Florida by the end of 2019.
“The Success TMS team understands the hardship of depression firsthand. We’ve seen this disease in friends and loved ones and believe in the power of providing specialized care in order to maximize successful outcomes for patients,” Success TMS CEO & co-founder Randy Syrop said in prepared remarks. “NeuroStar advanced therapy is the treatment that makes this possible. We know because we have seen it work, and we’re excited about this partnership because it means more sufferers will have access to this treatment, giving hope to those who need it most and offering true remission from this disease.”
“Success TMS is at the forefront of exceptional patient service, fueled by a very personal connection to depression,” added Neuronetics president & CEO Chris Thatcher. “We’re proud to expand our relationship with such a dedicated practice in a united fight against this disease that affects too many.”
Shares of STIM were up 1.6% at $9.04 per share in mid-morning trading today.