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NEWTOWN, Pa. - Helius Medical Technologies, Inc. (NASDAQ:HSDT), currently trading near its 52-week low at $0.51, announced Monday that CignaHealth has authorized a claim for payment for its Portable Neuromodulation Stimulator (PoNS) device at an out-of-network adjusted negotiated price of $19,161. According to InvestingPro data, the company maintains a positive cash position relative to debt, though it faces challenges with rapid cash burn.
This marks the fifth major commercial healthcare payer to authorize claims for the PoNS device, following a recent similar authorization by Anthem MultiPlan at a negotiated price of $19,160.
"With approvals now secured from five major commercial healthcare payers, we are making significant progress increasing MS patient access to the PoNS device," said Dane Andreeff, Helius President and Chief Executive Officer, according to the company’s press release.
The PoNS is a non-implantable therapy device that delivers neurostimulation through a mouthpiece connected to a controller. It is used primarily at home with physical rehabilitation exercises to improve balance and gait.
In the United States, the device is indicated for short-term treatment of gait deficit due to mild-to-moderate symptoms from Multiple Sclerosis in patients 22 years and older, and requires a prescription.
The company noted that depending on individual deductibles and out-of-pocket costs, these authorized claims may not result in immediate device sales.
Helius Medical Technologies focuses on neurologic deficits using technology that aims to promote neuroplasticity for people dealing with neurological diseases.
The information in this article is based on a company press release statement.
In other recent news, Helius Medical Technologies, Inc. reported several significant developments. The company announced that Aetna Healthcare has authorized a claim for its Portable Neuromodulation Stimulator (PoNS) device at an out-of-network negotiated price of $18,350. This makes Aetna the third major healthcare provider to reimburse for the PoNS device, following Anthem and United Healthcare. Helius also achieved compliance with Nasdaq’s minimum bid price requirement, though it must still meet the Nasdaq’s Equity Rule by June 2025 to maintain its listing. Additionally, Helius executed a 1-for-15 reverse stock split, effective May 1, 2025, to consolidate shares and maintain compliance with Nasdaq’s listing standards. The company has also secured $1.3 million in a private placement, issuing promissory notes and common stock to select investors. These notes, with a principal amount of $1,560,000, are set to mature in July 2025. Maxim Group LLC acted as the placement agent for this transaction. These developments underscore Helius Medical’s ongoing efforts to expand its financial and operational standing.
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