BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced that it will be collaborating with NOCD, an organization that facilitates access to online therapy for people with obsessive-compulsive disorder (OCD) through its innovative telehealth platform.
BURLINGTON, Mass. and JERUSALEM, Oct. 11, 2022 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced that it will be collaborating with NOCD, an organization that facilitates access to online therapy for people with obsessive-compulsive disorder (OCD) through its innovative telehealth platform. The goal is to raise awareness about OCD treatments among patients, caregivers, and clinicians.
“We are very excited about the opportunity to partner with an innovative organization like NOCD to help shine a bigger light on OCD, which is a chronic and debilitating condition,” said Christopher von Jako, Ph.D., President and CEO of BrainsWay. “This collaboration signifies an alignment of our collective goal to raise awareness and facilitate access to clinically proven treatment options for OCD. We are both committed to helping improve the lives of those suffering from OCD, and this work furthers BrainsWay’s vision of creating a world where mental health is within reach for all.”
Stephen Smith, Cofounder and CEO of NOCD, said, “NOCD is proud to partner with BrainsWay to raise OCD awareness and to help our community access additional OCD treatment interventions when needed. We’re committed to doing everything we can to help each of our members get healthy as quickly as possible and stay healthy as long as possible. With this partnership, we’re one step closer to making a world without OCD suffering a reality for millions of families.”
Aron Tender, M.D., Chief Medical Officer of BrainsWay said, “OCD can be challenging to distinguish, with many individuals waiting years to get accurately diagnosed and begin treatment. Due to the complexity of the condition, in addition to the high percentage of patients who are medication-resistant, many do not respond well to first-line treatment options. BrainsWay’s collaboration with NOCD will help patients find the treatments they urgently need with access to ERP therapists and Deep TMS providers nationwide.”
BrainsWay and NOCD will work together to increase awareness about OCD and the lifesaving treatments of both companies. NOCD offers a turnkey solution for online ERP, which is an effective form of psychotherapy for OCD patients. However, it is often expensive and sometimes difficult to find a qualified provider. NOCD removes the barriers to ERP by making their 500+ providers readily available for any patients in search of effective treatment and facilitating the reimbursement process with insurance companies.
BrainsWay Deep TMS is a noninvasive, FDA-cleared medical device for the treatment of OCD. Deep TMS utilizes a magnetic field emitted by the patented BrainsWay H7 Coil to stimulate brain structures associated with OCD. A multicenter study published in 2019 by the American Journal of Psychiatry confirmed the treatment’s efficacy, concluding that focusing brain stimulation on the medial prefrontal cortex and anterior cingulate cortex significantly improved OCD symptoms. Deep TMS is an adjunctive form of therapy which may be administered with other treatments such as medication and is not associated with any systemic side effects.
Recently, Cigna Corporation, a major medical insurance company in the U.S., extended coverage for Deep TMS for the treatment of OCD. With this new policy, Cigna joins the ranks of Centene, Highmark, Health Care Services Corporation, Blue Cross Blue Shield, Tricare, and Palmetto GBA Medicare, resulting in over 86 million adults now having access to BrainsWay’s pioneering Deep TMS™ OCD treatment.
About Obsessive-Compulsive Disorder
Obsessive-compulsive disorder (OCD) is a chronic and debilitating condition with a lifetime prevalence in the United States of 2.3%. Characterized by uncontrollable, reoccurring thoughts (obsessions) and behaviors (compulsions) that the sufferer feels compelled to repeat over and over, OCD is considered by the World Health Organization (WHO) to be one of the top 10 debilitating medical conditions associated with a decreased quality of life and loss of income. The economic burden on the U.S. healthcare system for OCD treatments is estimated to be over $10.6 billion per year.
About BrainsWay
BrainsWay 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.
About NOCD
NOCD (https://www.nocd.com) is the #1 provider for the treatment of obsessive-compulsive disorder (OCD) and the leading company driving Community-Driven Therapy, a new frontier in behavioral healthcare that leverages condition-specific peer communities to identify consumers in need of help, encourage them to begin treatment, and serve them in a highly personalized way. The company helps people reclaim their lives with clinically proven OCD treatment by removing barriers to care and reducing the stigma associated with OCD. Inside the NOCD platform, members can quickly access a national network of licensed therapists who specialize in Exposure and Response Prevention (ERP) therapy, the “gold standard” for OCD treatment. Working together with our therapists, patients, health plans, providers, and employers, we are improving the lives of people with OCD. Please visit our website for more information about NOCD.
About Obsessive-Compulsive Disorder
Obsessive-compulsive disorder (OCD) is a chronic and debilitating condition with a lifetime prevalence in the United States of 2.3%. Characterized by uncontrollable, reoccurring thoughts (obsessions) and behaviors (compulsions) that the sufferer feels compelled to repeat over and over, OCD is considered by the World Health Organization (WHO) to be one of the top 10 debilitating medical conditions associated with a decreased quality of life and loss of income. Due to the complexity and heterogeneity of the condition, coupled with the high percentage of patients that are drug-resistant, many patients suffering from OCD do not respond well to first line treatment options. The economic burden on the U.S. healthcare system for OCD treatments is estimated to be over $10.6 billion per year.
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 Areglado
SVP and Chief Financial Officer
Scott.Areglado@BrainsWay.com
Investors:
Bob Yedid
LifeSci Advisors
646-597-6989
Bob@LifeSciAdvisors.com
Media Contact:
Meghan Seale Laska
(610) 212-0125
Meghan.Laska@BrainsWay.com
