Submitted by kBLASTER Team on
by Brad Perriello for Massdevice.com
Helius Medical Technologies (OTC:HSDT) said today that it raised $7.2 million (C$9.2 million) in a Canadian short-form offering and a concurrent private placement in the U.S.
Newtown, Pa.-based Helius said each unit of the offering had a Class A share and a half-share warrant with an exercise price of roughly $1.17 (C$1.50). The company also said it got the go-ahead to list its share on the Toronto stock exchange under the “HSM” symbol, starting today.
“This is a very meaningful development for our company. We are proud to qualify for listing on the TSX and we are very excited to have the resources to continue to drive our business objectives,” president & CEO Phil Deschamps said in prepared remarks.
Helius said it plans to use the proceeds from the funding round to complete a clinical registry trial of its portable neuromodulation stimulator in treating traumatic brain injury, ahead of a bid for 510(k) clearance from the FDA. The cash will also go toward building commercial inventory and launched the device once it wins U.S. clearance. The company also plans to seek other indication for the device, including multiple sclerosis and stroke.
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