Shares of BrainsWay Ltd. (BWAY) are rising more than 6% Monday morning after the company received clearance from the Food and Drug Administration for its Deep TMS H7 Coil to treat depression and anxious depression in adults.
TMS or Transcranial magnetic stimulation uses magnetic pulses to induce electrical current in the underlying neuronal tissue. BrainsWay's Deep TMS H7 Coil, which is enclosed within a cushioned, cooled helmet, has been cleared to treat obsessive-compulsive disorder since 2018.
"This latest clearance, our ninth from the FDA, is a testament to BrainsWay's unparalleled commitment to take on ambitious research projects that continue to advance the field," said Christopher von Jako, President and Chief Executive Officer of BrainsWay.
BWAY is at $4.86 currently. It has traded in the range of $4.35-$9.18 in the past 52 weeks.
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