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Helius Medical Technologies, Inc. Reports Second Quarter of Fiscal Year 2020 Financial Results
NEWTOWN, Pa., Aug. 12, 2020 (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, 2020 (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, 2020.\n Second Quarter and Recent Business Updates On April 30, 2020, the Company announced that its registrational clinical trial, TBI-001, was published on April 29, 2020 in Neuromodulation: Technology at the Neural Interface. The TBI-001 trial found that PoNS Treatment™ provided significant improvement in balance in patients with a chronic balance deficit following a mild-to-moderate traumatic brain injury (“mmTBI”).On May 12, 2020, the Company announced that it has received Breakthrough Designation for its PoNS™ device as a potential treatment for gait deficit due to symptoms of Multiple Sclerosis (“MS”), to be used as an adjunct to a supervised therapeutic exercise program.On July 14, 2020, the Company announced the dismissal of a putative shareholder class action lawsuit in the Southern District of New York.On August 6, 2020, the Company announced that it has submitted a request to the U.S. Food and Drug Administration (“FDA”) for de novo classification and clearance of the Portable Neuromodulation Stimulator (PoNS™) device and reported preliminary financial results for the second quarter and six months ended June 30, 2020. Second Quarter 2020 Financial Summary Revenue of $0.1 million, compared to revenue of $0.5 million in second quarter of 2019.Operating loss of $3.7 million, compared to operating loss of $5.8 million in second quarter of 2019.Net loss of $3.4 million, compared to net loss of $0.2 million in second quarter of 2019.As of June 30, 2020, the Company had cash of $5.3 million, compared to $5.5 million at December 31, 2019. The Company had no debt outstanding at June 30, 2020.Net cash provided by financing activities during the three months ended June 30, 2020 was $4.1 million. “Helius is excited by the considerable progress we have made on our U.S. regulatory strategy, following our strategic decision in the first quarter to prioritize an Multiple Sclerosis (“MS”) indication as the regulatory pathway to pursue our first U.S. regulatory clearance,” said Philippe Deschamps, Chief Executive Officer of Helius. “After obtaining Breakthrough Device Designation in May...