BrainsWay Ltd., an Israeli biotechnology company with its U.S. office in Hackensack, is making a change at the top, as its Israeli CEO has resigned and the board has announced its intent to hire a U.S.-based replacement.
Yaacov Michlin has left the company to pursue other opportunities, while Chief Financial Officer Hadar Levy has moved to the U.S. offices, where he is adding the chief operating officer title to his CFO job.
BrainsWay co-founder and Chairman David Zacut will serve as interim CEO.
“I am extremely pleased with the strong revenue growth, driven by significant market demand for our deep transcranial magnetic stimulation system that BrainsWay’s business continues to demonstrate,” Zacut said in a prepared statement. “In addition, our clinical pipeline for the potential treatment of additional psychiatric and neurological disorders continues to advance, enhancing our long-term objectives.
“As our current sales and expected future revenue stream are primarily driven by the U.S., we believe the time is now right to recruit a U.S.-based CEO. We are confident that our business is well-positioned for continued growth.”
The medical device company is known for its deep TMS technology, which can be used to treat major depressive disorder and obsessive-compulsive disorder.