15th October 2015
Magstim expansion creates 50 jobs as it targets major US markets
The Magstim Company Limited, which manufactures medical devices used in neuroscience, psychiatry and neurology, is set to create nearly 50 new jobs at its Whitland base. The major three-year expansion project will support the company’s growth in Transcranial Magnetic Stimulation (TMS) and intra-operative nerve monitoring technology, especially in the USA.
TMS uses magnetic energy to stimulate areas of the brain, without causing pain and while the subject is conscious. Magstim was founded in Wales 25 years ago by the originators of TMS technology. Magstim stimulators are the most widely-used TMS devices in the world, used to research and treat brain disorders.
The Welsh Government is providing a total funding package of £2.7 million. This will include the construction of a 13,912 sq ft extension to Magstim’s existing facility in Whitland; help with fit out costs; and support the creation of 50 new jobs – increasing Magstim’s 100 strong workforce by 50%.
The three year expansion project will support Magstim’s growth in Transcranial Magnetic Stimulation (TMS) and intra-operative nerve monitoring technology, especially in the USA.
The Company’s products were recently approved for sale in the USA specifically for the treatment of Major Depressive Disorder (MDD) in patients who have failed to respond to antidepressant medication. This opens up a big new market for the Company.
Economy Minister Edwina Hart described Magstim as a “made in Wales” success story and said:
“We have been working with Magstim on this exciting project for some time and are delighted to support this extremely important expansion.
“It’s always good to see an indigenous company with considerable expertise in its specialist field continuing to make its mark worldwide. It serves to promote Welsh capability on an international stage and is a very welcome boost for our rapidly expanding life science sector.
“The growth of the company will lead to significant economic benefits for the local area and open up career opportunities for neuroscience graduates from Welsh Universities. Above all it has the potential to improve the lives of millions of people around the world”.
Managing Director Robin Davies said:
“Magstim is embarking on a major expansion programme over the next three years. We have just started a direct operation in the USA to capitalise on the approval of our products in that market; and we are investing heavily in new product development.
“Having the support of the Welsh Government through this project will help us greatly in building up our infrastructure. It was also instrumental in bringing in new US partners who have invested in the business to help us achieve our growth plans.
“We are very proud of our business and its place in the local community. The support of the Welsh Government is very important in enabling us to carry on growing and developing here in Whitland”.