Benzinga | Oct 5, 2021 04:15PM EDT

Neuronetics Reports Commercial Deal With Success TMS

Neuronetics, Inc. (NASDAQ:STIM), a commercial-stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, today announced a commercial agreement with Success TMS in which Success TMS will exclusively utilize Neuronetics' platform, NeuroStar Advanced Therapy for Mental Health, for the treatment of patients suffering from treatment-resistant major depressive disorder (MDD). In connection with the commercial agreement, the Company has made a strategic investment in Success TMS in the form of a $10 million term loan to further accelerate the growth of Success TMS' business.

"We are thrilled to be expanding our relationship with Success TMS, one of the nation's largest and fastest growing TMS providers," said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. "Neurohealth disorders continue to plague patients in the United States. Both we and Success TMS share a goal of transforming patient lives by increasing access to safe, effective, non-drug therapeutic alternatives. We look forward to continuing our together as strategic partners to bring the benefits of NeuroStar Advanced Therapy for Mental Health to as many patients as possible."

Commercial Agreement

On September 29, 2021, the Company entered into an exclusive, five-year commercial agreement with Success TMS. As part of the agreement, Success TMS will exclusively utilize Neuronetics' NeuroStar Advanced Therapy for Mental Health to treat patients suffering from treatment-resistant MDD. The agreement also includes exclusivity for additional indications for use following U.S. regulatory clearances.

Strategic Investment

In connection with the Commercial Agreement, the Company has made a strategic investment in Success TMS in the form of a five-year $10 million term loan. The capital will support Success TMS's continued expansion in the United States.

"Our mission is to deliver the absolute best medical care to patients suffering from depression and other neurohealth disorders," said Jonathan Michel, Founder of Success TMS. "Our partnership with Neuronetics not only provides our practitioners with the most effective therapeutic platform in the industry, it also provides us with the capital we need to help support our vision to triple in size over the next two years."