Brain Magnet (TMS) update

Transcranial magnetic stimulation (TMS) is a medical technology that involves wearing a helmet or having pads placed over one’s scalp and having magnetic pulses delivered to specific areas of the brain. It’s a United States Food and Drug Administration (FDA) approved treatment for treatment of numerous maladies. Recent research indicates TMS may aid recovery from stroke (https://brain2mind.substack.com/p/brain-magnets-improve-recovery-from)

I’ve been posting on TMS for some time. In 2022, I discussed several companies, which were poised to deliver this neuro-tech to actual patients (https://brain2mind.substack.com/p/magnetic-hemet-designer-mind?utm_source=publication-search).

Investors may be interested in companies that manufacture devices which deliver TMS. Here’s an update. For full disclosure I’ve taken positions in several of the companies discussed in this post.

As of 4th quarter 2024, Neuronetics (which produces a TMS machine called NeuroStar (marketed for depression)) and Greenbrook (which produces a TMS machine (marketed for Depression, OCD and smoking) have merged. The company trades on NASDAQ as STIM, with a January 2025 market cap of $83 Million. Combined ARR of Neuronetics and Greenbrook is $145 Million. At the time of my previous post (2022) the combined market cap of Neuronetics and Greenbrook was $545 Million.

Brainsway produces a TMS machine called DeepTMS. It is being marketed for Depression, OCD and smoking in the USA and worldwide and several other indications worldwide outside the USA. It is an Israeli company, whose ADR trades on NASDAQ as BWAY. Its Market Cap in January 2025 is $182 Million. At the time of my previous post (2022), the market cap was $152 million.

Magstim produces a family of TMS based devices. In 2022, it was marketed to treat depression and was a privately held company in the UK. Currently, it is being marketed internationally to treat depression, anxiety and OCD. Magstim is currently held by Welcony. Welcony, in turn, is backed by Telegraph Hill Partners, a San Francisco based private equity company.

Brain Ultimate produces a family of TMS based devices. It is being marketed to treat depression and research a host of other neurological maladies. Brain Ultimate is produced by Shenzhen Yingchi Technology Co. Ltd (the vast majority of whose shares are owned by China's State-owned Assets Supervision and Administration Commission).

MagVenture produces a family of TMS based devices. It is being marketed to treat depression, OCD and chronic pain. MagVenture is a privately held company in Denmark and has recently partnered with Magnus Medical, a privately held USA based company.

eNeura produces a TMS machine called SpringTMS or Cerena. It is being marketed to treat Migraine in the US and UK. eNeura has been through at least one bankruptcy (2020). eNeura is a privately held company by Aruene in the USA.

Neuroprex is a privately held American company that is marketing a TMS machine for depression and other neurological ailments. I haven’t been able to confirm any activity over the last several years.

Axilum produces a robotic device to administer TMS. The company is based in France and its capital is held by several individuals and other companies. I haven’t been able to confirm any activity over the last several years.

Cloud Neuro LLC produces a TMS device called Cloud TMS that is designed to be portable. It is being marketed to treat depression. It is a privately held multinational corporation.

Nexstim produces a machine called SmartFocus TMS. It is being marketed for the treatment of depression and pain. It is a Finnish company whose shares trade in Stockholm and Helsinki. In 2024, Nexstim announced a collaboration with Brainlab, a privately held German neurotech company.

Mag & More produces the Apollo machine to deliver TMS. It is being marketed for the treatment of depression, pain, tinnitus, incontinence, paresis, migraine, stroke, schizophrenia and anxiety. It is a privately held German company.

Neurosoft manufactures the Neuro-MSX machine to deliver TMS. It is being marketed for the treatment of depression. It is a privately held Russian company.