Apr 9 2014
Medison Pharma has concluded an agreement with the medical device company Brainsway for exclusive marketing and distribution of the Deep TMS (Transcranial Magnetic Stimulation) system in Israel. Medison Pharma will be Brainsway's exclusive agent for a period of 10 years with a 5 year extension option for the system's treatment of the following indications approved by the Israeli Ministry of Health: Major depression, Bipolar Disorder, Schizophrenia, Post Traumatic Stress Disorder (PTSD), Parkinson's disease, and Smoking Cessation.
According to the agreement, Medison Pharma will make an up-front payment of 1 million NIS in exchange for exclusive marketing rights and will pay a minimal monthly payment for each system leased and additional payments in accordance to the number of treatments with the system beyond the minimal monthly amount.
As an inseparable part of the agreement, Medison Pharma is obligated to reach minimum quantity targets, in order to maintain its exclusive marketing rights of Brainsway's system in Israel. Brainsway did not disclose the metrics or value of this agreement.
Meir Jakobsohn, Chief Executive Officer and Founder of Medison Pharma: "Medison is proud to invest and take part in a path that will change the way of treatment of neurological and mental health disorders and diseases in Israel and throughout the world. Brainsway developed a breakthrough technology which provides patients a safe, high standard, effective and fast-acting treatment. This agreement represents Medison's continuing aspiration to introduce and provide new therapies utilizing revolutionary technologies."