BrainsWay Enhances Commercial Leadership Team with the Addition of Fran Hackett as Vice President of North American Sales

Rhea-AI Summary

BrainsWay Ltd (NASDAQ & TASE: BWAY) announced the appointment of Fran Hackett as Vice President of North American Sales, effective February 16, 2021. Hackett, a seasoned sales executive with over 30 years of experience, is expected to enhance the company's growth trajectory in the non-invasive treatment of brain disorders. His previous roles include Senior VP of Global Sales at Alter G and CEO of RTI Group. The company aims to expand awareness and access to its Deep Transcranial Magnetic Stimulation (Deep TMS) technology, which has FDA approval for several conditions.

Positive

• Appointment of Fran Hackett brings over 30 years of sales and leadership experience.
• Expected to enhance commercial efforts in North America and drive growth.

Negative

• Concerns about continuity and potential gaps in experience following management change.

CRESSKILL, N.J. and JERUSALEM, Israel, Feb. 16, 2021 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in the advanced non-invasive treatment of brain disorders, today announced the addition of Fran Hackett as Vice President of North American Sales effective February 16, 2021.

“As a veteran sales leader with a robust background across varied medical markets, Fran’s addition will be critical to this phase of the Company’s growth,” said Hadar Levy, Senior Vice President and General Manager of BrainsWay. “He has been instrumental in building industry-leading teams, and I am excited to have him take over our commercial efforts in North America.”

“BrainsWay has great momentum in establishing Deep TMS as the leading, non-pharmacological treatment for a range of debilitating brain disorders, and it is my distinct honor to have this opportunity to lead the North American sales efforts for this growing company,” said Mr. Hackett. “I look forward to leveraging my experience building dynamic teams to help expand both access and awareness to this novel, lifesaving technology.”

Mr. Hackett brings more than 30 years of domestic and international sales, business development, and executive leadership to BrainsWay. Most recently, he served as Senior Vice President of Global Sales and Marketing for Alter G, a privately-held rehabilitation and advanced performance company where he led the restructure and enhancement of the global sales and distribution network. Prior to Alter G, Mr. Hackett was the CEO of RTI Group, a radiology safety company focused on quality assurance solutions for X-ray modalities. Earlier in his career, he held sales and marketing roles of increasing responsibility in both private and public medical device companies.

About BrainsWay
BrainsWay is a commercial stage medical device company focused on the development and sale of non-invasive neurostimulation products using the Company’s proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform technology. The Company received marketing authorization from the U.S. Food and Drug Administration (FDA) for its products for a variety of patient populations, including in 2013 for patients with major depressive disorder (MDD), in 2018 for patients with obsessive-compulsive disorder (OCD), and in 2020 for patients with smoking addiction. BrainsWay is currently conducting clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders. To learn more, please visit www.brainsway.com

Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “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 management of the Company 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. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company’s anticipated timeframe, or at all; inability 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 inability to develop necessary enhancements; 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 legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, and the effect of the global COVID-19 health pandemic on our business and continued uncertainty and market impact relating thereto.

Any forward-looking statement in this press release speaks 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 may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission.

Contact:
BrainsWay:
Hadar Levy
SVP and General Manager
HadarL@brainsway.com

Media Contact:
Will Johnson
(201) 465-8019
Brainsway@antennagroup.com

FAQ

What is the significance of Fran Hackett's appointment at BWAY?

Fran Hackett's appointment as VP of North American Sales is significant as he brings over 30 years of experience in sales and executive leadership, which is expected to strengthen BWAY's commercial efforts.

How might Fran Hackett influence BWAY's growth?

Hackett's extensive background in medical sales and team building is anticipated to positively influence BWAY's growth by expanding the reach and awareness of its Deep TMS technology.

What challenges might BWAY face following the management change?

Post-management changes, BWAY may face challenges related to continuity and any potential gaps in experience, despite Hackett's expertise.