Brainsway Announces Distribution Agreement with Japanese Century Medical
Brainsway to sell in Japan
The medical device company has signed a distribution agreement with ITOCHU unit Century Medical.
Under the agreement, Century Medical will have an exclusive right for the distribution of Brainsway’s Deep TMS systems for treating Major Depressive Disorder in Japan, for a period of ten years. The agreement will be extended by five additional years in the case that the distributor meets the minimum income thresholds stipulated by the agreement. The distributor also has an option for distribution of Brainsway’s Deep TMS technology for additional indications in Japan.
Following the announcement, Brainsway’s share price rose 4%, giving it a market cap of NIS 681 million.
Japan is the second largest medical devices market in the world. Brainsway CEO Uzi Sofer said today, “The process in Japan is especially long. It took about a year to conclude the negotiations, but now the agreement has been signed, and since our distributor is very strong in that country, I believe that we will not have any undue difficulty in penetrating the market.”