Brainsway (NASDAQ:BWAY) news for Monday includes approval from the U.S. Food & Drug Administration (FDA) sending BWAY stock higher.
The positive Brainsway news has the FDA giving the company approval for its system to treat smoking addiction in adults. This approval follows a study including 262 subjects seeking to test the effectiveness of the H4 Deep TMS coil.
The H4 Deep TMS coil is a treatment that targets the part of the brain deals with addiction. The study found that patients treated with the H4 Deep TMS coil were more likely to quit smoking following a series of treatments.
Brainsway notes that those that quit in the placebo group following the study were 7.9%. For comparison, there was a 17.1% quit rate for patients in the study that were treated with the H4 Deep TMS coil. When it comes to those that still smoked after the study, daily cigarette consumption was down in the test group compared to those in the placebo group.
Christopher von Jako, Ph.D., president and CEO of Brainsway, said the following about the positive news for BWAY stock.
“Based on the compelling data from our large, randomized pivotal study of 262 subjects, we are confident that our Deep TMS technology can play an important role in treating cigarette smokers who seek to quit. We look forward to executing a controlled U.S. market release of our newly cleared and proprietary H4 Deep TMS coil for this indication early next year.”
BWAY stock was up 15.6% when markets closed on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
