BrainsWay Reports Results of Interim Analysis of H7 Deep Transcranial Magnetic Stimulation Study in Post-Traumatic Stress Disorder

PATTERSON, N.J., Feb. 06, 2020 - BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay”) today announced
interim results from a multicenter randomized controlled double-blind clinical trial assessing the safety and efficacy of the Company’s H7-
coil deep transcranial magnetic stimulation (dTMS) System for the treatment of adults with post-traumatic stress disorder (PTSD). Results
showed that the H7 dTMS, which targets the medial prefrontal cortex (mPFC), did not demonstrate sufficient efficacy relative to sham
control treatment in PTSD patients. Based on the interim analysis, the Company will not invest additional resources in order to continue
this study. BrainsWay is performing additional analysis and will consider future PTSD studies using alternative parameters.

About the Study
The study utilized the Company’s H7-coil, one of BrainsWay’s proprietary coils, to target the mPFC, which has traditionally been associated
with PTSD symptoms. The study was a randomized double-blind multicenter study, designed to evaluate the safety and efficacy of H7
dTMS treatment in reducing symptoms in individuals suffering from PTSD. The trial was conducted at 16 clinical sites, including leading
academic institutions, primarily in the United States. Subjects received either H7 dTMS or sham treatment over the course of four weeks
(three sessions per week), with two booster sessions at weeks five and nine. For both the active and sham groups, treatments were
administered following tailored symptom provocation in the form of a pre-prepared audio recording of a script of the traumatic event. The
primary endpoint was a comparison between active and sham treatment groups of the change in CAPS-5 score (the gold standard score
used to measure PTSD) from baseline to week five.

The interim analysis was conducted on the first 87 eligible subjects who completed the study protocol, and it revealed a significant
reduction of PTSD symptoms in both the active and sham groups. The clinical benefit observed in the sham group may possibly be
explained by the brief exposure therapy (administered to both groups) as part of the tailored provocation. However, the results did not
demonstrate sufficient clinical benefit induced specifically by the active treatment (relative to sham treatment) to justify continuation of the
trial. Overall, the treatment was found to be well-tolerated by participants in the study and no seizures were reported. There were no
serious adverse events reported in the study related to the device.

“We are disappointed with the outcome of the interim analysis, and believe discontinuing the trial at this time is the best course of action as
we reevaluate our options with this very complex mental health condition,” said Christopher R von Jako, Ph.D., President and CEO of
BrainsWay. “We remain focused on executing our growth strategy through our current FDA-cleared indications of Major Depressive
Disorder and Obsessive Compulsive Disorder, which represents an addressable market of approximately $9 billion. In addition, we
continue to maintain a robust pipeline of additional applications with our proprietary dTMS platform targeted at other large-market
psychiatric, neurological, and addiction conditions."

“I would like to thank the patients and investigators for their participation in this important study,” said a principal investigator of the study, Dr.
Kerry Ressler, Chief of the Division of Depression & Anxiety Disorders at McLean Hospital and Professor of Psychiatry at Harvard
Medical School. “While the interim results of this trial did not justify its continuation using these stimulation parameters, we did gain
valuable insight into PTSD, which is a highly debilitating disease. I am confident that what we learn from this study will be critical for the
development of future important PTSD treatments.”