Full Press Release Details
Helius Medical Technologies, Announces the Dismissal of the Shareholder Class Action Lawsuit
NEWTOWN, Pa. | July 14, 2020 Helius Medical Technologies, Inc. (NASDAQ:HSDT) (TSX:HSM) ( Helius or the
Company ), announced the dismissal of a putative shareholder class action in the Southern District of New York. The plaintiffs voluntarily dismissed the 2019 lawsuit with prejudice, ending the case against Helius in In re Helius
Medical Technologies Litigation, 19-CV-6365. U.S. District Judge Loretta Preska signed the final order dismissing the litigation on July 1, 2020.
We are gratified that this meritless lawsuit has been dismissed, said Helius CEO and Chairman Philippe Deschamps. We have maintained from
the outset that we never misled anyone and these claims were baseless. I, along with Joyce LaViscount, Jonathan Sackier and the rest of our leadership team, remain fully committed to our mission and protecting the interests of our investors.
About Helius Medical Technologies, Inc.
Medical Technologies is a neurotech company focused on neurological wellness. The Company s purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the
brain s ability to heal itself. The Company s first product in development is the Portable Neuromodulation Stimulator (PoNSTM). For more information, visit www.heliusmedical.com.
About the PoNS Device and PoNS Treatment
Portable Neuromodulation Stimulator (PoNS) is an authorized class II, non-implantable medical device authorized for sale in Canada. PoNS is intended as a short term treatment (14 weeks) of chronic balance
deficit due to mild-to-moderate traumatic brain injury and is to be used in conjunction with physical therapy and indicated as a short term treatment (14 weeks) of gait
deficit due to mild and moderate symptoms from MS and is to be used in conjunction with physical therapy. The PoNS is an investigational medical device in the United States, the European Union, and Australia, and is currently under review for
clearance by the AUS Therapeutic Goods Administration. PoNS Treatment is currently not commercially available in the United States, the European Union or Australia.
Cautionary Disclaimer Statement:
Certain statements in
this news release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements
other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking statements are often identified by terms such as believe, continue,
look forward, will and similar expressions. Such forward-looking statements include, among others, statements regarding the outcome of pending or future litigation, the Company s future clinical and regulatory
development plans for the PoNS, the success of the Company s planned study, business and commercialization initiatives and objectives, the potential receipt of regulatory clearance of the PoNS device in the United States, the European Union and
Australia and the Company s revenue guidance.
There can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from the Company s expectations include the uncertainties associated with clinical trial
enrollments and the results of clinical trials, uncertainties associated with the clinical development process and FDA regulatory submission and approval process, including the Company s capital requirements to achieve its business objectives
and other risks detailed from time to time in the filings made by the Company with securities regulators, and including the risks and uncertainties about the Company s business described in the Risk Factors sections of the
Company s Annual Report on Form 10-K for the year ended December 31, 2019, and its other filings with the United States Securities and Exchange Commission and the Canadian securities regulators,
which can be obtained from either at www.sec.gov or www.sedar.com.
The reader is cautioned not to place undue reliance on any forward-looking statement.
The forward-looking statements contained in this news release are made as of the date of this news release and the Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from
such statements except to the extent required by law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.