08:10 AM EDT, 08/21/2025 (MT Newswires) -- BrainsWay ( BWAY ) said Thursday it has closed a $5 million convertible loan to Neurolief, developer of a wearable brain neuromodulation platform for at-home use.

The agreement includes milestone-based funding of an additional up to $6 million convertible loan upon US Food and Drug Administration approval of Proliv Rx device for major depressive disorder, and up to $5 million equity investment linked to revenue milestones, BrainsWay ( BWAY ) said.

BrainsWay ( BWAY ) said it also received a call option to acquire all of Neurolief's equity at a price linked to enterprise value or a revenue multiple.

Shares of BrainsWay ( BWAY ) were up more than 4% in recent premarket activity Thursday.