Business
Helius Medical Technologies, Inc. Reports Third Quarter 2019 Financial Results and Provides Business Update; Updates Full Year 2019 Outlook
NEWTOWN, Pa., Nov. 12, 2019 (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., Nov. 12, 2019 (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 September 30, 2019.\n Third Quarter 2019 Financial Summary Revenue of $0.2 million, compared to no revenue in third quarter of 2018.Operating loss of $5.7 million, compared to operating loss of $4.9 million in third quarter of 2018.Net loss of $5.6 million, compared to net loss of $4.5 million in third quarter of 2018. Third Quarter and Recent Business Updates On August 28, 2019, the Company provided an update from early Canadian clinical experience with PoNSTM.On September 13, 2019, the Company reported that Clinique Cortex has been authorized to provide PoNS Treatment™ in Quebec City Canada, giving residents of Quebec City local access to the PoNS Treatment. Clinique Cortex will operate as a satellite clinic in partnership with Neurotherapy Montreal. On October 24, 2019, the Company provided an update outlining the Company’s U.S. regulatory strategy following its pre-submission meeting with the U.S. Food and Drug Administration (“FDA”)On October 30, 2019, the Company entered into an agreement with HealthTech Connex Inc (“HTC”), the Company’s commercial development partner in Canada, to purchase Heuro Canada, Inc. (“Heuro”). “During the third quarter, we continued to make important progress in advancing our commercialization and regulatory strategy in Canada and our regulatory strategy in the United States, with the overarching goal of expanding access to our PoNS TreatmentTM for patients suffering from chronic balance disorder due to mild-to-moderate traumatic brain injury,” said Philippe Deschamps, Chief Executive Officer of Helius. “We reported total revenue of $150,000 during the third quarter of 2019 from sales to clinics that have been authorized to provide PoNS Treatment in Canada. We continue to see consistency in the demand for our devices on a quarter to quarter basis in that the number of patients who have begun treatment in each quarter, beginning with the first quarter of this year, have been 23, 38, and 32 respectively. We are pleased with the progress on the PoNS Treatment and look forward to continued growth.” Mr. Deschamps continued: “We made significant progress towards ...