Neuronetics Announces 5-Year Exclusive Partnership with Transformations Care Network

MALVERN, Pa., March 07, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, announced an expanded commercial partnership with Transformations Care Network ("TCN"), one of the nation's largest mental health care providers. Under the new agreement, Neuronetics will be the exclusive supplier of new transcranial magnetic stimulation (TMS) equipment to TCN, increasing its NeuroStar TMS footprint and availability to patients.

"We are delighted to be extending our commercial relationship with TCN, a long-standing, valued customer with a commitment to providing the best care for their patients," said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. "With the continued increase in the need for mental health services, we're glad that NeuroStar TMS is a significant part of TCN's plan to grow and strengthen mental healthcare in their communities."

With an extensive network of facilities strategically located across six states and an ambitious roadmap for further expansion, TCN's comprehensive five-year exclusive agreement with Neuronetics stands as a pivotal advancement in broadening patient access to innovative NeuroStar TMS treatments. This is particularly significant in the context of addressing major depressive disorder (MDD), including treatment-resistant depression (TRD), a condition that presents substantial challenges in mental health care due to the complexity and difficulty in achieving remission with conventional treatments.

"Transformations Care Network's alliance with NeuroStar is more than a milestone; it is a tangible manifestation of our vision to integrate the most advanced treatments in our suite of services," said Brian Wheelan, Chief Executive Officer at Transformations Care Network. "This collaboration will empower our teams across the network to deliver exceptional care with even greater efficacy, reinforcing our pledge to provide access to the best possible mental health solutions."

NeuroStar TMS therapy offers a beacon of hope for individuals grappling with MDD, providing a non-invasive, FDA-cleared treatment that has demonstrated efficacy in cases where traditional pharmacological interventions have failed. By integrating NeuroStar TMS into its array of mental health services, TCN not only elevates the standard of care available to patients but also embodies a forward-thinking approach to mental health treatment. This initiative underscores a commitment to embracing advanced technologies and treatments that can make a meaningful difference in the lives of those affected by some of the most intractable forms of depression.