Helius Medial Technologies Inc (TSE:HSM) (NASDAQ:HSDT) got a major boost on Wednesday after the neurotech company announced that its Portable Neuromodulation Stimulator device is now available in three Canadian clinics.
The Portable Neuromodulation Stimulator (PoNS) is a noninvasive medical device to treat chronic balance issues stemming from traumatic brain injury. The prescription-only product is used in conjunction with a physical therapy regimen.
Shares of Helius soared in both the US and Canada, up 13.5% in New York to US$3.20 and 15.3% in Toronto at C$4.37.
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Pennsylvania-based Helius opened its first authorized clinic in the province of Quebec in December 2018 and the second in February of this year in British Columbia. In addition to the two existing clinics, Helius now adds two Ontario and one Alberta-based location.
“We are pleased that the strategy to accelerate expansion plans in Canada has driven the further development of the clinic system authorized to provide PoNS Treatment,” said Philippe Deschamps, CEO of Helius in a statement.
“Patients who have had mild-to-moderate traumatic brain injuries are often not able to travel long distances and now, with a presence in Montreal, Vancouver, Toronto, Calgary and Ottawa, over 50% of Canadians will have direct local access to PoNS Treatment.”
The PoNS is an investigational medical device in the United States, the European Union, and Australia and is not currently commercially available outside of Canada.
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