NEWTOWN, Pa., Dec. 29, 2017 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (TSX:HSM) (TSX:HSM.WT) (OTCQB:HSDT), a medical technology company focused on neurological wellness, is pleased to announce the closing of the final tranche (the “Final Tranche”) of its previously announced non-brokered private placement (the “Private Placement”) for aggregate gross proceeds from the Private Placement of USD$6,331,000. The Company has issued 1,020,408 units of the Company (the “Units”) for aggregate gross proceeds of USD$2,000,000 pursuant to the Final Tranche. Each Unit consists of one share of Class A common stock of the Company and one share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional share of Class A common stock of the Company (a “Warrant Share”), exercisable for a period of 36 months following the closing of the Final Tranche of the Private Placement at an exercise price of USD$2.45 per Warrant Share.
The net proceeds of the Private Placement will be used by the Company to finance the Company’s near-term operations, to satisfy accrued payables, for continued work towards its planned U.S. Food and Drug Administration (FDA) de novo 510(k) submission, marketing applications in other jurisdictions, working capital and other corporate purposes.
“With the successful closing of this transaction we would like to extend our thanks and gratitude to our investors for their support. We look forward to an exciting new year with the pursuit of an FDA clearance for the PoNSTM device in mind,” said Philippe Deschamps, the Company’s CEO.
About PoNS™ Therapy
The PoNSTM is an investigational, non-invasive, medical device designed to deliver neurostimulation through the tongue. Clinical research has shown that electrical stimulation of the tongue activates two major cranial nerves – the trigeminal nerve and the facial nerve. Electrical stimulation of these cranial nerves creates a flow of neural impulses that are then delivered directly into the brain stem and cerebellum. PoNSTM Therapy combines the use of the PoNSTM device with physical therapy. The Company has completed its clinical trials for balance disorder in patients with mild to moderate Traumatic Brian Injury (TBI) and are looking forward to submitting an application for marketing authorization in the US and other jurisdictions for the PoNS device in the first half of 2018. Additional trials in multiple sclerosis, stroke and cerebral palsy have shown promising results and provide support for pursuing additional indications for use.
About Helius Medical Technologies, Inc.
Helius Medical Technologies Inc. is a medical technology company focused on neurological wellness. Helius seeks to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. Helius intends to file for FDA clearance for the PoNSTM device. For more information, please visit www.heliusmedical.com.