Newtown, Pa.-based Helius Medical Technologies announced that it has raised $7.2 million (C$9.2 million) in a Canadian short-form offering and a concurrent private placement in the U.S.
Currently, the PoNS device is in clinical trial phase to determine how it could manage neurological symptoms of disease or trauma, with limited ways to rehabilitate lost function. The device could also eventually be used to treat multiple sclerosis and stroke.
The proceeds are said to be used to finish a clinical registry trial of its portable neuromodulation stimulator in treating traumatic brain injury. This comes before a bid for 510(k) clearance from the FDA. With these funds the commercial inventory will be built in order to launch the device once U.S. clearance is granted.
As Helius reported:
The PoNS device is based on almost 40 years of research in the field of neuromodulation—the use of external stimulation to intentionally change and regulate the electrochemical environment of the brain. It is believed that neuromodulation enhances neuroplasticity, the brain’s ability to restructure or relearn in response to new experiences, sensory input, and functional demands. Research has shown that the process of neuroplasticity underlies all cerebral learning, training and rehabilitation.
Photo: Screenshot via Helius Medical Technologies
