BrainsWay Resolves Neuronetics Litigation
10 Gennaio 2023 - 2:00PM
BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the
“Company”), a world leader in advanced and non-invasive treatment
for brain disorders, today reported that it has settled litigation
filed by Neuronetics, Inc. (“Neuronetics”) in the District of
Delaware.
BrainsWay had filed a motion to dismiss the case, and, while
that motion was pending, agreed to settle the case on mutually
agreeable terms and without any admission of liability or
wrongdoing, including the release of certain potential
counterclaims, to avoid the time, expense and uncertainty of
litigation. “We are pleased to have resolved this litigation so
that we can focus our full attention on our technology and bringing
our Deep TMS™ therapy to patients,” said Christopher von Jako,
P.h.D., President and CEO of BrainsWay.
Except as set forth in this press release, and a corresponding
announcement from Neuronetics, the parties have agreed to keep the
terms of the settlement agreement confidential.
About BrainsWayBrainsWay is a
global leader in advanced noninvasive neurostimulation treatments
for mental health disorders. The Company is boldly advancing
neuroscience with its proprietary Deep Transcranial Magnetic
Stimulation (Deep TMS™) platform technology to improve health and
transform lives. BrainsWay is the first and only TMS company to
obtain three FDA-cleared indications backed by pivotal clinical
studies demonstrating clinically proven efficacy. Current
indications include major depressive disorder (including reduction
of anxiety symptoms, commonly referred to as anxious depression),
obsessive-compulsive disorder, and smoking addiction. The Company
is dedicated to leading through superior science and building on
its unparalleled body of clinical evidence. Additional clinical
trials of Deep TMS in various psychiatric, neurological, and
addiction disorders are underway. Founded in 2003, with offices in
Burlington, MA and Jerusalem, Israel, BrainsWay is committed to
increasing global awareness of and broad access to Deep TMS. For
the latest news and information about BrainsWay, please
visit www.brainsway.com.
Forward Looking Statements This press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be preceded by the words “intends,” “may,” “will,” “plans,”
“expects,” “anticipates,” “projects,” “predicts,” “estimates,”
“aims,” “believes,” “hopes,” “potential” or similar words. These
forward-looking statements and their implications are based on the
current expectations of the management of the Company only and are
subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. In addition, historical results or
conclusions from scientific research and clinical studies do not
guarantee that future results would suggest similar conclusions or
that historical results referred to herein would be interpreted
similarly in light of additional research or otherwise. The
following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: inadequacy of financial resources to meet future
capital requirements; changes in technology and market
requirements; delays or obstacles in launching and/or successfully
completing planned studies and clinical trials; failure to obtain
approvals by regulatory agencies on the Company’s anticipated
timeframe, or at all; inability to retain or attract key employees
whose knowledge is essential to the development of Deep TMS
products; unforeseen difficulties with Deep TMS products and
processes, and/or inability to develop necessary enhancements;
unexpected costs related to Deep TMS products; failure to obtain
and maintain adequate protection of the Company’s intellectual
property, including intellectual property licensed to the Company;
the potential for product liability; changes in legislation and
applicable rules and regulations; unfavorable market perception and
acceptance of Deep TMS technology; inadequate or delays in
reimbursement from third-party payers, including insurance
companies and Medicare; inability to commercialize Deep TMS,
including internationally, by the Company or through third-party
distributors; product development by competitors; inability to
timely develop and introduce new technologies, products and
applications, which could cause the actual results or performance
of the Company to differ materially from those contemplated in such
forward-looking statements.
Any forward-looking statement in this press release speaks only
as of the date of this press release. The Company undertakes no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable securities laws. More detailed information about the
risks and uncertainties affecting the Company is contained under
the heading “Risk Factors” in the Company’s filings with the U.S.
Securities and Exchange Commission.
Contacts:
BrainsWay:Scott AregladoSVP and Chief Financial
OfficerScott.Areglado@BrainsWay.com
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