NEWTOWN, Pa., June 28, 2017 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (TSX:HSM) (TSX:HSM.WT) (OTCQB:HSDT), a medical technology company focused on the treatment of neurological symptoms caused by disease or trauma, is pleased to announce that it has completed a non-brokered private placement of 4,000,000 shares of Class A Common Stock at a price of CAD$1.75 (US$1.32) per Share for aggregate gross proceeds of CAD$7,000,000 (US$ 5,275,900).

The net proceeds of the Private Placement will be used by the Company for submissions to the U.S. Food and Drug Administration, the launch of a clinical trial investigating the PoNS™ Therapy for the rehabilitation of chronic symptoms multiple sclerosis patients and for general corporate purposes.

All Shares issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Private Placement.

The Shares issued under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, are “restricted securities” for U.S. securities law purposes. Such shares may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom, such as Rule 144 of the U.S. Securities Act, which will first permit sales in the United States beginning six months after the date of closing of the Private Placement. The Shares may not be the subject of hedging transactions unless such transactions are conducted in compliance with the U.S. Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in the United States.

About PoNS™ Therapy

The Portable Neuromodulation Stimulator (PoNS) is an investigational non-invasive device designed to deliver neurostimulation through the tongue. PoNS Therapy combines the use of the device with physical or cognitive therapy and is currently being evaluated in a multicenter clinical trial for the treatment of balance disorder for subjects with mild to moderate Traumatic Brain Injury.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is a medical technology company focused on neurological wellness. Helius seeks to develop, license and acquire unique and non-invasive platform technologies that amplify the brain's ability to heal itself. For more information, please visit www.heliusmedical.com.