Helius draws down $5m, reups U.S. Army deal

Helius Medical Technologies (OTC:HSDT) said it drew down on the $5 million remaining in its credit facility from a Chinese investor and extended a research deal with the U.S. Army.

Newtown, Pa.-based Helius said that in return for the draw-down, it gave A&B Co. Ltd., its partner in a deal to develop and commercialize its Portable Neuromodulation Stimulator in Asia, nearly 5.6 million shares and a 3-year warrant for another 2.8 million shares at $1.35 apiece.

 

A&B appointed general manager Dr. Huaizheng Peng to the company’s board as part of the draw-down, Helius said.

The company said it also extended until Dec. 2017 a deal with the U.S. Army Medical Research & Material Command for a 120-patient, Phase III clinical trial of Helius’ portable neuromodulation stimulator for treating balance disorder in patients with mild to moderate traumatic brain injury.

“We are very pleased to be formally extending our partnership with the U.S. Army through 2017. Partnerships such as this are crucial to Helius’ development of the PoNS in both the clinical and commercial settings,” CEO Philippe Deschamps said in prepared remarks.

Helius said it also added Blane Walter, a partner at Talisman Capital, to its board.

Helius said it named board member Joyce LaViscount to be its new CFO/COO, replacing Amanda Tseng, who retired. CFO/COO Joyce LaViscount and director Yuri Danilov resigned from the board to make room for Peng and Walter, the company said.

“Helius wishes to express its thanks to Ms. LaViscount and Dr. Danilov for their invaluable contributions throughout their tenure as directors,” the company said.

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