BrainsWay Closes $5 Million Convertible Loan to Neurolief

MT Newswires Live

Aug 21

BrainsWay (BWAY) said Thursday it has closed a $5 million convertible loan to Neurolief, developer of a wearable brain neuromodulation platform for at-home use.

The agreement includes milestone-based funding of an additional up to $6 million convertible loan upon US Food and Drug Administration approval of Proliv Rx device for major depressive disorder, and up to $5 million equity investment linked to revenue milestones, BrainsWay said.

BrainsWay said it also received a call option to acquire all of Neurolief's equity at a price linked to enterprise value or a revenue multiple.

Shares of BrainsWay were up more than 4% in recent premarket activity Thursday.

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