Exhibit 99.1
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.
Helius 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
The 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.
