NEWTOWN, Pa., March 18, 2020 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM), a neurotech company focused on neurological wellness, announced today that it has entered into definitive agreements with healthcare focused institutional investors that provide for the purchase and sale of an aggregate of 6,257,144 shares of its Class A Common Stock, or common stock, at a purchase price of $0.35 per share in a registered direct offering, resulting in total gross proceeds of approximately $2.2 million. Helius also agreed to issue to the investors unregistered warrants to purchase up to 6,257,144 shares of its common stock. The warrants have an exercise price of $0.46 per share of common stock, will be exercisable on September 20, 2020, and will expire five years following the initial exercisability date.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The closing of the sale of the securities is expected to occur on or about March 20, 2020, subject to the satisfaction of customary closing conditions. Helius intends to use the net proceeds from the offering for working capital and general corporate purposes.

The shares of common stock (but not the warrants issued in the private placement or the shares of common stock underlying such warrants) are being offered and sold in the registered direct offering by Helius pursuant to a "shelf" registration statement on Form S-3 (Registration No. 333-236101), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission (SEC) on February 6, 2020. The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at placements@hcwco.com.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is a neurotech company focused on neurological wellness. The Company’s purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. The Company’s first product in development is the Portable Neuromodulation Stimulator (PoNS™). For more information, visit www.heliusmedical.com.