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Helius Medical Technologies, Inc. Reports Third Quarter 2021 Financial Results
NEWTOWN, Pa., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the “Company”), a neurotech company focused on
About this update from Solana Company
[{"type":"text","content":"NEWTOWN, Pa., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today reported financial results for the quarter ended September 30, 2021. Third Quarter and Recent Business Updates Received U.S. Food and Drug Administration (“FDA”) Breakthrough Designation for Portable Neuromodulation Stimulator (“PoNS®”), a patented treatment combining trigeminal nerve neurostimulation via the tongue with a supervised therapeutic exercise program, for the treatment of dynamic gait and balance deficits resulting from a stroke.Launched Therapeutic Experience Program (“TEP”) with NYU – Langone Health as its first clinical site.Received market authorization from the Australian Therapeutic Goods Administration (“TGA”) for the sale of PoNS as a Class IIa medical device for short term use by healthcare professionals as an adjunct to a therapeutic exercise program to improve balance and gait.Introduced our U.S. PoNS Treatment website, ponstreatment.com, to expand online resources for U.S.-based clinicians and patients.Secured $15 million equity line of credit with Lincoln Park Capital with a 36-month term, ensuring source of equity capital, subject to the terms and conditions therein.Developing infrastructure and building inventory in preparation for expected Q1 2022 commercial launch of PoNS for the short-term treatment of gait deficit due to multiple sclerosis (“MS”).Recently announced pricing of $9.6 million underwritten registered public offering, scheduled to close November 12, subject to customary closing conditions. Third Quarter 2021 Financial Summary Revenue: $109 thousand, vs. $131 thousand in Q3 2020Operating loss: $4.4 million vs. $3.7 million in Q3 2020Net loss: $4.7 million vs. $3.5 million in Q3 2020Cash balance: $4.7 million at September 30, 2021 vs. $3.3 million at December 31, 2020 “We are delighted that our PoNS was granted a second FDA Breakthrough Designation, this time for the treatment of dynamic gait and balance deficits resulting from a stroke,” said Dane Andreeff, President and Chief Executive Officer of Helius. “This is a significant milestone for us as we prepare for the U.S. commercialization of the PoNS device for MS in early 2022. We are excited about the recent initiation of our company-sponsored Therapeutic...