Medical Device Company Brainsway Wants to Raise $30 Million on Nasdaq

Israeli medical device company Brainsway Ltd. wants to raise $30 million via a Nasdaq initial public offering under the ticker BWAY, according to a prospectus submitted to the U.S. Securities and Exchange Committee Monday. The sole underwriter is Cantor Fitzgerald & Co.

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Founded in 2003 with offices in Jerusalem and the U.S., Brainsway develops headsets that use magnetic stimulation to treat brain disorders. Its device has received approval in the European Union for various disorders including stroke rehabilitation, PTSD, Alzheimer's disease, and smoking cessation, and for depression and obsessive-compulsive disorder (OCD) in the U.S.

The company has been listed on the Tel Aviv Stock Exchange since 2010. That same year, Brainsway announced plans to list on Nasdaq, which it later withdrew.

Brainsway reported unaudited revenues of $11.6 million for the nine months ended September 30, 2018, and a total operating loss of $3.36 million.

The company intends to use the proceeds for general corporate purposes, for clinical trials, and to repay outstanding loans.