NEWTOWN, Pa., April 04, 2018 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (TSX:HSM) (OTCQB:HSDT) announced today that it intends to offer and sell, subject to market conditions, $16 million of shares of its Class A common stock, together with warrants to purchase shares of its Class A common stock, in an underwritten public offering. All of the shares of Class A common stock and warrants to be sold in the offering will be offered by the Company. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

Helius has applied to list its Class A common stock (including any shares of Class A common stock issuable upon exercise of the warrants) on The Nasdaq Capital Market under the symbol “HSDT.”

BTIG and Echelon Wealth Partners Inc. are acting as joint book-running managers for the offering. Helius intends to grant the underwriters a 30-day option to purchase up to an additional $2.4 million of shares of Class A common stock and warrants at the public offering price, less the underwriting discounts and commissions. The option may be exercised to acquire either shares of Class A common stock, warrants or both at the discretion of the underwriters.

Helius intends to use the net proceeds from this offering primarily to fund its manufacturing activities for the PoNS device, activities related to its submissions for marketing authorization of the PoNS device to the FDA and other regulatory authorities, commercial launch preparations, and for working capital and general corporate purposes.

About PoNS® Treatment

The Portable Neuromodulation Stimulator (PoNS) is an investigational, non-invasive, medical device designed to deliver neurostimulation through the tongue. Clinical research has shown that electrical stimulation of the tongue, translingual neurostimulation, activates two major cranial nerves – the trigeminal nerve and the facial nerve. Electrical stimulation of these cranial nerves creates a flow of neural impulses that are then delivered directly into the brain stem and cerebellum. PoNS Treatment combines the use of the PoNS device with physical therapy. The Company has completed its clinical trials for balance disorder in patients with mild to moderate traumatic brain injury and plans to submit applications for marketing authorization in the US and other jurisdictions for the PoNS device in the first half of 2018. Additional trials in multiple sclerosis, stroke and cerebral palsy have shown promising results and provide support for pursuing additional indications for use.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is a medical technology company focused on neurological wellness. Helius seeks to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself.