BrainsWay Ltd. (NASDAQ & TASE: BWAY), a world leader in advanced and non-invasive treatment for brain disorders, announced that the Israeli Ministry of Health has approved coverage to its Deep TMS™ system for the treatment of depression. The inclusion of the treatment within Israel’s health basket of essential medical services means that all the country’s health funds must now make the treatment available to qualifying patients free of charge.
Qualifying patients include adults over the age of 21 with depression who have either not responded to two prior antidepressants, or who are intolerant to other treatment alternatives. Coverage may be provided for up to 40 treatment sessions, which are to be administered in hospitals.
“We are excited to have achieved this significant milestone in accessing treatment with our Deep TMS system, which is renowned as an Israeli innovation. This is good news for many Israeli patients who have been waiting for greater access to our unique technology,” said Dr. Christopher von Jako, President, and CEO of BrainsWay. Since BrainsWay’s inception, the Company has always maintained an important presence in Israel, with key management, research, development, and operational roles, as well as leading physicians, based in Israel. “Facilitating insurance coverage through Israel’s health system is a key component of our growth strategy. We remain committed to further expanding insurance coverage in Israel and around the world in order to expand access to our groundbreaking treatment for the benefit of patients across the globe.”
In addition, in the USA, Highmark Blue Cross Blue Shield (BCBS) has issued a positive coverage policy applicable to the BrainsWay Deep TMS™ system for the treatment of the obsessive-compulsive disorder (OCD), effective May 2, 2022. Highmark BCBS covers 6.8 million members in the states of New York, Pennsylvania, West Virginia, and Delaware, and is the fourth largest BCBS health plan in the U.S. Highmark BCBS’s parent company, Highmark Health, serves 40 million Americans in all 50 states, and the Highmark Health enterprise is the third-largest integrated health care delivery and financing system in the USA.
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. It offers Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology for the treatment of major depressive disorders, anxious depression, obsessive-compulsive disorders, smoking addiction, bipolar disorders, post-traumatic stress disorders, schizophrenia, Alzheimer’s disease, autism, chronic pain, multiple sclerosis, post-stroke rehabilitation, and Parkinson’s diseases. BrainsWay started trading on the Israel stock exchange in 2007 followed by trading also on the NASDAQ from April 2019.
BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal 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. 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.
For Investors: Scott Areglado, SVP, and Chief Financial Officer, BrainsWay
Tel: +1-617-771-2287 SAreglado AT brainsway.com
For Media: Bob Yedid, LifeSci Advisors
Tel: 1-646-597-6989 Bob AT LifeSciAdvisors.com
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