Magstim expands in deal acquiring EGI portfolio

Magstim, a global leader in transcranial magnetic stimulation (TMS), has acquired the product portfolio of Electric Geodesics Inc (EGI),from Royal Philips.

WalesOnline reports the value of the deal is not being disclosed.

TMS, which Magstim pioneered, is a non-invasive outpatient therapy with very few side effects that is used to treat major depressive disorder.

EGI designs non-invasive electro-encephalography (EEG) technologies to monitor brain activity and deliver transcranial electrical stimulation in brain research.

Magstim is acquiring EGI’s hardware, software and sensor nets assets and will immediately manage global sales, service and support. Philips will support the transition to year end.

Magstim employs a hundred people at its HQ in Whitland, Carmarthenshire. It has also operations in the US and the Netherlands, with a total workforce of three hundred.

Lothar Krinke, group chief executive of Magstim, said “This adds high-density EEG to our product portfolio supporting more than 1,200 research labs and clinics that focus on mental health, brain disorders and cognitive neuroscience.

“Magstim has been pioneering and advancing transcranial magnetic stimulation for 30 years. High-density EEG closes the loop for the development of a comprehensive system for non-invasive neuromodulation. Magstim and EGI share a legacy and passion for innovation in neuroscience.”

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