BrainsWay Appoints Dr. Joachim Seidel as Vice President of Corporate Development and Strategy
Dr. Seidel has over 20 years of experience in the medical device industry
BURLINGTON, Mass. and JERUSALEM, March 28, 2022 (GLOBE NEWSWIRE) — BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced the appointment of Joachim “Joe” Seidel, Ph. .D., to the newly created position of Vice President of Corporate Development and Strategy. Dr. Seidel has over 20 years of experience in the medical device industry and has held positions in business development, corporate strategy, program management, and research and development. He will be responsible for pursuing strategic opportunities for BrainsWay and overseeing its corporate development initiatives globally.
“Joe brings a unique background to BrainsWay’s leadership team that combines a strong science and technology background with expertise in multiple clinical areas,” said Christopher von Jako, Ph.D., President and CEO of BrainsWay. . “Enhancing our business development activities is a key long-term growth driver for BrainsWay, and we believe Joe’s expertise is well suited to lead these efforts globally. This appointment reflects our continued commitment to continue to pursue new market opportunities in the United States and internationally to maximize value for the company’s stakeholders.
“I am thrilled to join BrainsWay at such an exciting time in its evolution,” commented Dr. Seidel. “BrainsWay is a highly innovative company that is experiencing significant growth due to increasing demand for its Deep TMS™ therapy across multiple indications. I look forward to using my diverse background in the medical device industry to identify potential new growth opportunities for the company globally.
Dr. Seidel joins BrainsWay after leading a business consulting firm where he helped mid-sized medtech companies and start-ups commercialize breakthrough technologies and develop national and international expansion strategies. Previously, Dr. Seidel held corporate development and strategy positions at Covidien, Medtronic and PAREXEL. At Covidien, he led the technical assessment and market due diligence of M&A opportunities in the vascular interventional space that led to the acquisition of ev3 for $2.8 billion. Dr. Seidel then guided investment decisions in Asia, Eastern Europe, the Middle East, Africa and Latin America, resulting in double-digit revenue growth from the markets activity emerging. Prior to his transition to leadership positions, Dr. Seidel led research and development projects at Johnson & Johnson and Arsenal Medical in orthopedic and ophthalmic surgery. He brings a strong scientific background to the team, with academic research conducted at ETH Zurich and the Massachusetts Institute of Technology (MIT).
Dr. Seidel holds a Ph.D. in biomedical engineering and an engineering degree in materials science from the Swiss Federal Institute of Technology (Zürich, Switzerland). He was a visiting scientist at MIT and conducted research on drug delivery and tissue engineering in the laboratory of Robert Langer.
BrainsWay is a world leader in advanced non-invasive neurostimulation treatments for mental health disorders. The company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to gain three FDA-approved indications, backed by pivotal studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxiety depression), obsessive-compulsive disorder, and tobacco addiction. The company is committed to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological and addictive disorders are ongoing. Founded in 2003, with offices in Burlington, MA and Jerusalem, Israel, BrainsWay is committed to increasing global awareness and access to Deep TMS. For the latest BrainsWay news and information, please visit www.brainsway.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be prefaced by the words “intends”, “may”, “will”, “expects”, “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. These forward-looking statements and their implications are based on the current expectations of the Company’s management only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. . In addition, historical results or the conclusions of scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted in the same way light of further research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: insufficient financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in initiating and/or completing planned clinical studies and trials; failure to obtain regulatory approvals within the Company’s timelines, or at all; failure to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or failure to develop necessary improvements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in applicable laws and rules and regulations; adverse market perception and acceptance of Deep TMS technology; insufficiency or delays in reimbursement by third-party payers, including insurance companies and Medicare; inability to market Deep TMS, including internationally, by the Company or through third-party distributors; development of products by competitors; failure to develop and introduce new technologies, products and applications on a timely basis, which could cause the Company’s actual results or performance to differ materially from those contemplated in such forward-looking statements.
Any forward-looking statements in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws. More detailed information about the risks and uncertainties affecting the Company can be found under the heading “Risk Factors” in the Company’s filings with the United States Securities and Exchange Commission.
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