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Helius Medical Technologies, Inc. Reports Third Quarter 2023 Financial Results
-- Cash runway extended into Q2 2024 ---- Company to host call at 4:30pm today -- NEWTOWN, Pa., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Helius Medical Technologies,
About this update from Solana Company
[{"type":"text","content":"-- Cash runway extended into Q2 2024 ---- Company to host call at 4:30pm today -- NEWTOWN, Pa., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the “Company”), a neurotech company focused on delivering a novel therapeutic neuromodulation approach for balance and gait deficits, today announced results for the quarter ended September 30, 2023. Third Quarter and Recent Business Updates Q3 2023 revenue of $143 thousand, compared to $196 thousand in Q3 2022, the decrease due to the expiration of the Patient Therapy Access Program (“PTAP”) on June 30, 2023.Operating cash burn of $2.5 million in Q3 2023, a decrease of $1.4 million compared to Q3 2022, reflecting continued focus on cash management.Ended the quarter with $7.0 million of cash, cash equivalents, and proceeds receivable from warrant exercises, extending the Company’s cash runway into Q2 2024.Received universal product code (“UPC”) numbers from Wolters Kluwer Health – Medi-Span® (“Medi-Span”) for the Portable Neuromodulation Stimulator (“PoNS®”) system and mouthpiece. Together with the previously announced Durable Medical Equipment, Prosthetics, Orthotics and Supplies (“DMEPOS”) accreditation, the UPC numbers allow for dual paths of reimbursement.Received a letter of intent (“LOI”) from the Québec Ministry of Health and Social Services (“MSSS”) for the purchase of up to 30 PoNS systems across multiple sites to be used to evaluate the benefit of PoNS TherapyTM and determine reimbursement opportunities for stroke patients.Received an order for 10 PoNS Systems from the School of Rehabilitation at the Université de Montréal (“UdeM”) to be used to evaluate the benefit and health economic value of PoNS Therapy in the treatment of stroke patients.Added sixth Center of Excellence to the PoNS Therapeutic Experience Program (“PoNSTEP”), a multi-center, company-sponsored, open label observational interventional trial designed to evaluate the impact of adherence to PoNS Therapy in patients with multiple sclerosis (“MS”).Announced the release of a white paper published by Pacific Blue Cross (“PBC”) and HealthTech Connex (“HTC”) demonstrating that PoNS TherapyTM can drastically decrease disability and improve the likelihood of returning to work for patients suffering from traumatic brain injury (“TBI”). “We are pleased with the tremendous pro...