Tuesday, October 29, 2019
Neuronetics, Inc., a commercial stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from psychiatric disorders, today announced a partnership with Success TMS, a healthcare provider specializing in transcranial magnetic stimulation (TMS), a non-drug, non-invasive treatment for adult patients with Major Depressive Disorder (MDD). As part of a three-year agreement, Success TMS will offer Neuronetics' NeuroStar Advanced Therapy system as its preferred TMS device at 21 locations across six states.
Sparked by Founder Jonathan Michel's personal journey losing his sister, Alex, to suicide after her five-year battle with the disease, the facility's flagship location opened in 2018 in Lake Worth, FL to treat local residents. Michel and his leadership team have since pursued a far-reaching, rapidly-growing expansion strategy to provide compassionate care to depression sufferers. The practice has seen both organic and inorganic growth in the last year, with the aim of "ridding the world of depression" as per Alex's last request.
Today, Success TMS is one of the leading TMS Therapy providers in the US, treating hundreds of patients each day and every day in Alex's honor. Neuronetics is the global leader in TMS therapy for depression, and the uncompromised focus of both companies on maximizing patient outcomes led to this collaborative partnership. Success TMS has helped many patients with NeuroStar TMS, which uses magnetic pulses to stimulate areas of the brain that are underactive in depression.1,2
"The Success TMS team understands the hardship of depression firsthand. We've seen this disease in friends and loved ones and believe in the power of providing specialized care in order to maximize successful outcomes for patients," said Randy Syrop, CEO and Co-Founder of Success TMS. "NeuroStar Advanced Therapy is the treatment that makes this possible. We know because we have seen it work, and we're excited about this partnership because it means more sufferers will have access to this treatment, giving hope to those who need it most and offering true remission from this disease."
Under the terms of the partnership, Success TMS will offer NeuroStar Advanced Therapy TMS systems at all its locations. This partnership is expected to allow for the treatment of thousands of patients across Success TMS's clinic locations. Success TMS plans on continuing its aggressive growth by launching new clinics in both existing and new regions over the next 18 months, including four in South Florida by 2019 year end – Miami, Coral Gables, Key Biscayne, and Boca Raton (successtms.com/locations).
"Success TMS is at the forefront of exceptional patient service, fueled by a very personal connection to depression," said Chris Thatcher, President and CEO of Neuronetics, Inc. "We're proud to expand our relationship with such a dedicated practice in a united fight against this disease that affects too many."
For more information on both companies, visit neurostar.com and successtms.com.
About NeuroStar® Advanced Therapy
NeuroStar® Advanced Therapy is the market leader in transcranial magnetic stimulation (TMS), a non-invasive form of neuromodulation. NeuroStar Advanced Therapy is the #1 TMS choice of doctors, and is widely available across the United States.
NeuroStar is reimbursed by most commercial and government health plans, including Medicare and Tricare. In addition, there are programs in place, such as NeuroStar Reimbursement Support, to help patients and providers obtain coverage and reimbursement for NeuroStar Advanced Therapy.
NeuroStar is indicated for the treatment of Major Depressive Disorder in adult patients who have failed to receive satisfactory improvement from prior antidepressant medication in the current episode. In an NIMH-funded, independent, randomized controlled trial, patients treated with TMS using a clinical-trial version of the NeuroStar TMS System were 4.2 times more likely to achieve remission compared to patients receiving sham treatment (P = 0.02; odds ratio = 4.05).3 The most common side effect is pain or discomfort at or near the treatment site, which usually resolves within one week. It is contraindicated in people with non-removable conductive metal in or near the head.
NeuroStar® is a registered trademark of Neuronetics, Inc. For more information and full safety and prescribing information, visit www.neurostar.com.
About Neuronetics
Neuronetics, Inc. is a commercial-stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from psychiatric disorders. Our first commercial product, the NeuroStar® Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation, or TMS, to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States Food and Drug Administration, or FDA, for the treatment of Major Depressive Disorder in adult patients who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode. NeuroStar is also available in other parts of the world, including Japan, where it is listed under Japan's national health insurance. Additional information can be found at www.neuronetics.com.
Forward-Looking Statements
Statements in the press regarding Neuronetics, Inc. (the "Company") that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as "outlook," "potential," "believe," "expect," "plan," "anticipate," "predict," "may," "will," "could," "would" and "should" as well as the negative of these terms and similar expressions. These statements include those relating to: the Company's expectations regarding the build out of and demand for its NeuroStar Advanced Therapy System, including with respect to trends in the incidence of depression, and its expectations or beliefs regarding future applications and development of the System; and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to: continued availability and adequacy of coverage and reimbursement from third-party payors for treatments using the Company's products; physician and patient demand for treatments using the Company's products; developments in respect of competing technologies and therapies for the indications that the Company's products treat, including depression; product defects; the Company's ability to obtain and maintain intellectual property protection for its technology; and developments in regulation in the United States, Japan and other applicable jurisdictions. For a discussion of these and other related risks, please refer to the Company's recent SEC filings which are available on the SEC's website at www.sec.gov. These forward-looking statements are based on the Company's expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in the Company's expectations.
