Brainsway Provides $6 Million Milestone-Based Convertible Loan to Neurolief

MT Newswires Live

03/26

BrainsWay (BWAY) said Thursday it has completed an additional $6 million milestone-based convertible loan to Neurolief.

The second tranche investment was triggered after the US Food and Drug Administration granted premarket approval for Neurolief's Proliv Rx system, the company said.

BrainsWay said it has invested a total of $11 million in Neurolief to date.

Under the strategic investment agreement, the company may provide additional funding, including a third tranche of up to $5 million in equity upon Neurolief reaching a specified revenue target, it added.

BrainsWay holds a call option to acquire all outstanding equity interests in Neurolief, the company said.

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