Business
Helius Medical Technologies, Inc. Reports Second Quarter 2021 Financial Results
NEWTOWN, Pa., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius” or the “Company”), a neurotech company
About this update from Solana Company
[{"type":"text","content":"NEWTOWN, Pa., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today reported financial results for the quarter ended June 30, 2021. Second Quarter and Recent Business Updates Frederick Fantazzia appointed Vice President of Sales & Marketing, North America, June 1, 2021Dane Andreeff and Jeffrey Mathiesen appointed President & Chief Executive Officer and Chief Financial Officer, respectively, June 14, 2021Antonella Favit-Van Pelt, M.D., Ph.D. appointed Chief Medical Officer, July 7, 2021New website launched for U.S.-based patients and physicians: https://ponstreatment.com Second Quarter 2021 Financial Summary Revenue: $71 thousand, vs. $133 thousand in Q2 2020Operating loss: $6.2 million vs. $3.7 million in Q2 2020 Q2 2021 included $1.9 million of increased non-cash stock-based compensation expense comprised of a one-time fully vested stock option grant valued at $1.0 million and stock options granted to key management and sales executives Net loss: $6.0 million vs. $3.4 million in Q2 2020Cash balance: $7.4 million at June 30, 2021 vs. $3.3 million at December 31, 2020 “Helius made important progress during the second quarter and in recent weeks in preparing for U.S. commercialization, following the receipt of U.S. marketing authorization of our PoNS device for MS in late March,” said Dane Andreeff, President and Chief Executive Officer of Helius. “Most notably, we enhanced and expanded our senior leadership team with the appointment of several highly qualified individuals, including a Vice President of Sales and Marketing for North America who will inform and lead our strategy to commercialize in the U.S. We also secured many of the required state licenses that will enable us to distribute and sell our PoNS device and are now cleared to sell in approximately 85% of states in the U.S. Lastly, we continued to develop our go-to-market strategy by refining our plan to initially target the estimated 130,000 MS patients with gait deficit who may require physical therapy. With respect to our operations in Canada, although the country remained severely impacted by the effects of the COVID-19 pandemic during the second quarter, with restrictions on both the clinics and patients we serve, we are cautiously optimist...