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Cameron Associates Initiates Coverage of Brainsway, Ltd.
Date:12/12/2013

NEW YORK, Dec. 12, 2013 /PRNewswire/ -- Cameron Associates, Inc., a provider of investor relations services to public companies since 1976, today announced that it has initiated coverage of Brainsway Ltd. (TASE: BRIN), a medical technology company that leverages long-accepted transcranial magnetic stimulation (TMS) technology to pioneer a novel, non-invasive, cost effective and reimbursable therapy in an outpatient setting for a broad range of brain disorders.  An excerpt from the full 41 page Initiation Report follows below and is available to download at the Cameron Associates website at http://www.cameronassoc.com/client-research3.html

Non-invasive, Clinically Effective Deep TMS Therapy for Depression is But a Start

  • Brainsway makes a case for innovative, yet conservative, clinical and cost effective treatment, as its non-invasive deep Transcranial Magnetic Stimulation (TMS) technology stimulates up to 6cm-7cm below the surface, reaching regions in the brain known to affect depression – in addition to multiple other central nervous system disorders – without surgical intervention.  FDA cleared for depression, deep TMS cost to the US healthcare system is an average reimbursement of $200 per session
  • Positive risk/benefit leverage to large market opportunity. US major depression disorder market alone for the 10%-20% of patients that are non-or-poor responders to drug therapy is estimated at $3Bn–$6Bn per year. Brainsway's depression clinical data trumps those of competing surface TMS, with response rate of 38.4% vs. 22.1% and remission rate of 32.6% vs. 9%, respectively
  • Broad deep TMS treatment applications.  CE Mark approved indications include Major Depression Disorder, smoking cessation, chronic neuropathic pain, post traumatic stress disorder, Parkinson's Disease, Alzheimer's Disease, schizophrenia–negative symptoms, autism, and bipolar disorder.  Others in evaluation include OCD and Blood Brain Barrier (BBB) permeability for potential entry into brain tumor drug delivery
  • Multiple indications support pay-per-use model, driving utilization and target industry-high margins.  Early in its US commercialization and with five announced exclusive international distribution partnerships, Brainsway is positioning for 25%+ revenue growth with potential 85% gross and 35% operating margins
  • A 1% penetration of the US depression market alone yields potential revenue of $130 million.  This translates to a price/revenue multiple of 1.1x without considering OUS and opportunities from over twenty other indications, including eight with CE Mark approvals
  • Technology licensed exclusively from the US National Institutes of Health for the life of the IP.  A next gen multi-channel stimulator is also poised to enter clinical evaluation

About Cameron Associates, Inc.

Cameron Associates, founded in 1976, provides strategic counsel to companies that need guidance in achieving key business goals, such as improved visibility and reputation in the equity markets, proper positioning of complex financial transactions, and communicating critical corporate issues. We have earned the respect of the Street and have built long-lasting relationships due to our ability to deliver consistently reliable and credible investor relations and capital markets advice to our clients.

For more information, please visit: www.cameronassoc.com

Important Disclosures:

The research report described in this press release is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell securities. The securities discussed in Cameron Associates research reports may be unsuitable for some investors depending on their specific investment objectives, financial status, risk profile, or particular needs. Investors should consider Cameron Associates reports as only a single factor in making their investment decisions and should not rely solely on these reports in evaluating whether or not to buy or sell the securities of the subject company. Cameron Associates has been compensated by the company that is the subject of the report described and future research reports and investor relations services. Please read the reports full disclosures on the Cameron Associates website, www.cameronassoc.com, before investing. Cameron Associates is not a registered investment adviser or broker-dealer.

Forward-Looking Statements

This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements represent Cameron Associates judgment as of the date of this release. Cameron Associates disclaims, however, any intent or obligation to update these forward-looking statements.


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