Helius Medical closes over-allotment, brings round to $8.1 million

Helius Medical Technologies (OTC:HSDT) said yesterday it closed an over-allotment option for its most recent round of financing, bringing the total raised up to $8.1 million (CAD $10.3 million).

The Newton, Penn.-based company said it floated an additional 1.1 million units at 79¢ (CAD $1.00) in the over-allotment, raising an extra $857,083 for the round. The offering officially closed on April 18.

Each unit sold consisted of a Class A share and a half-share warrant with an exercise price of roughly $1.18 (C$1.50), the company said in a press release.

A commission of $51,424 was paid to Mackie Research Capital who acted as the sole bookrunner in the offering, along with compensation options exercisable to purchase 65,407 shares at 79¢ per share.

Last month, Helius said it raised $7.2 million (C$9.2 million) in a Canadian short-form offering and a concurrent private placement in the U.S.

Helius said it plans to use the proceeds from the funding round to complete a clinical registry trial of its portable neuromodulation stimulator in treating traumatic brain injury, ahead of a bid for 510(k) clearance from the FDA. The cash will also go toward building commercial inventory and launched the device once it wins U.S. clearance. The company also plans to seek other indication for the device, including multiple sclerosis and stroke.

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