Vancouver, BC, June 24, 2014 - Helius Medical Technologies (CSE:HSM) is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol "HSM". The company completed a plan of merger, whereby it acquired 100% of the common shares of Neurohabitation Corporation by issuing 35.3 million shares, some of which are subject to escrow.
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In connection with this transaction, the company closed a private placement $7.6 million by issuing 15.2 million subscription receipts at a price of $0.50 per receipt, with each receipt converting into one common share and one-half a warrant. Each warrant is exercisable at a price of $1.00 for a period of two years.
The entity know today as Helius Medical Technologies began more than 20 years ago when researchers at the University of Wisconsin established the Tactile Communication and Neurorehabilitation Laboratory as a home for brain research and the exploration of neuroplasticity. With this acquisition, Helius has obtained exclusive worldwide rights, patents, and trade secrets, including a patent pending technology that will enable the first non-invasive means for delivering neurostimulation through the oral cavity.
Early clinical research shows that electrical stimulation of the tongue stimulates 2 major cranial nerves. When combining this neurostimulation with a specific set of physical, cognitive, and/or mental exercises, preliminary results have shown an increase in effectiveness in recovery and relief of targeted neurological symptoms.
Helius Medical Technologies is now focused on the development and commercialization of this Portable Neuromodulation Stimulator device.
Phil Deschamps, President & CEO stated, "We are very proud to be developing this remarkable technology for the potential treatment of neurological symptoms caused by disease or trauma. We are also very proud and thankful for our Cooperative Research and Development Agreement with the U.S. Army Medical Research and Materiel Command, who are collaborating with NHC to determine if the PoNS can help our soldiers recover from neurological deficits obtained from mild to moderate traumatic brain injury."
The shares are trading at $2.10, and with 60.5 million shares outstanding, the company is capitalized at $127 million.
For more information, please visit the company's website www.heliusmedical.com or contact Phil Deschamps at 267-756-7028 ext 1061 or email pdeschamps@heliusmedical.com.
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