NEWTOWN, Pa., April 11, 2018 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (TSX:HSM) (NASDAQ:HSDT) today announced the pricing of an underwritten public offering of 2,141,900 shares of its Class A common stock and warrants to purchase 2,141,900 shares of its Class A common stock at a public offering price of US$7.47 per share and accompanying warrant, before underwriting discounts and commissions. The net proceeds to the Company from this offering, after deducting the underwriting discounts, commissions and estimated offering expenses payable by the Company, are expected to be approximately $14.1 million. The offering is expected to close on or about Friday, April 13, 2018, subject to customary closing conditions including the approval of the Toronto Stock Exchange.
Helius intends to use the net proceeds from this offering primarily to fund its manufacturing activities for the PoNS device, activities related to its submissions for marketing authorization of the PoNS device to the FDA and other regulatory authorities, commercial launch preparations, working capital and general corporate purposes.
The Company’s Class A common stock has been approved for listing on the Nasdaq Capital Market and is expected to begin trading thereon under the symbol “HSDT” on Wednesday, April 11, 2018. The Company’s Class A common stock will continue to trade on the Toronto Stock Exchange under the Symbol “HSM.”
BTIG, LLC and Echelon Wealth Partners Inc. are acting as joint book-running managers for the offering. Helius has granted the underwriters a 30-day option to purchase up to an additional 321,285 shares of Class A common stock and additional warrants to purchase 321,285 shares of Class A common stock at the public offering price, less the underwriting discounts and commissions. The option may be exercised to acquire either shares of Class A common stock, warrants or both at the discretion of the underwriters.
About PoNS® Treatment
The Portable Neuromodulation Stimulator (PoNS) is an investigational, non-invasive, medical device designed to deliver neurostimulation through the tongue. Clinical research has shown that electrical stimulation of the tongue, translingual neurostimulation, 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. PoNS Treatment combines the use of the PoNS device with physical therapy. The Company has completed its clinical trials for balance disorder in patients with mild to moderate traumatic brain injury and plans to submit applications 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 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.
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