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NEWTOWN, Pa. - Helius Medical Technologies, Inc. (NASDAQ:HSDT) has regained full compliance with Nasdaq’s continued listing requirements, the neurotech company announced Wednesday. According to InvestingPro data, while the company maintains a healthy balance sheet with more cash than debt, it faces challenges with a negative EBITDA of -$14.4M in the last twelve months.
The company received formal notice from the Nasdaq Hearings Panel on July 7 confirming compliance with the equity requirement in Listing Rule 5550(b)(1) for continued listing on the Nasdaq Capital Market.
This follows a June 3 notification from Nasdaq that Helius had regained compliance with the minimum bid price requirement under Nasdaq Marketplace Rule 5550(a)(2).
According to the press release statement, Helius will be subject to a Mandatory Panel Monitor for a period of one year from the date of the notice.
Helius Medical Technologies focuses on developing treatments for balance and gait deficits through therapeutic neuromodulation. The company’s commercial product is the Portable Neuromodulation Stimulator (PoNS), which uses orally applied technology to promote neuroplasticity in patients with neurologic diseases. Get detailed insights and 16 additional ProTips about HSDT with an InvestingPro subscription.
In other recent news, Helius Medical Technologies announced an updated prospectus for the sale of up to $25 million of its Class A common stock, with Roth Capital Partners acting as the sales agent. The company plans to use the proceeds for working capital and general corporate purposes, including commercialization and research and development. Additionally, Helius Medical Technologies implemented a 1-for-50 reverse stock split to comply with Nasdaq’s listing requirements, reducing its outstanding shares from approximately 33.8 million to 0.7 million. The company reported compliance with Nasdaq’s equity requirements, having achieved a stockholders’ equity of at least $2.5 million, following a public offering that raised $8.1 million in net proceeds.
Moreover, Helius Medical Technologies secured authorization from CignaHealth for claims on its Portable Neuromodulation Stimulator (PoNS) device, marking it the fifth major payer to do so. Aetna Healthcare also authorized a claim for the PoNS device at a negotiated price of $18,350, making it the third major healthcare provider to offer reimbursement. The PoNS device, used for treating gait deficits due to multiple sclerosis, has been gaining traction, with Helius pursuing broader coverage and aligning commercial payments with existing rates offered by the VA/DoD. These developments reflect Helius Medical Technologies’ ongoing efforts to expand access and reimbursement for its neurostimulation therapies.
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