Helius Medical Technologies Inc announced that it has entered into an agreement and plan of merger with the Neurorehabilitation Corporation, a medical device company presently developing neurostimulation technology for physical therapy. According to a Baystreet.ca news report, by way of merger Helius Medical Technologies has agreed to acquire 100% of the issued and outstanding common shares of Neurorehabilitation Corporation.
Neurorehabilitation Corporation is a Delaware company involved in the medical device industry. In January 2013, Neurorehabilitation entered into an exclusive right agreement whereby Advanced Neuro-Rehabilitation LLC (ANR) granted Neurorehabilitation exclusive worldwide rights to ANR’s patents, trade secrets, and “knowhow,” including a patent pending technology that will enable the first non-invasive means for delivering neurostimulation through the oral cavity (the “PoNsTM”).
Traditional rehabilitation interventions have typically involved medication and various forms of therapies, including physical therapy. The PoNS device is being investigated in combination with physical therapy for the treatment of Neurological symptoms from disease and trauma including traumatic brain injury (TBI) and multiple sclerosis (MS), as indicated on the Baystreet.ca news report.
The Baystreet.ca news report indicates that in connection with the transaction, the Company closed a private placement on May 30, 2014 (the “Private Placement”) consisting of 15,240,000 subscription receipts at a price of $0.50 per subscription receipt for gross proceeds of $7,620,000, as announced in a previous news release dated May 30, 2014.
In addition, upon completion of the transaction, the Baystreet.ca news report notes that it is anticipated that the board of directors and management of Helius will be comprised of the following individuals: Philippe Deschamps, president, director, and CEO; Amanda Tseng, CFO, director, and corporate secretary; Savio Chu, director; Yuri Danilov, director; and Mitch Tyler, director.
[Source: Baystreet.ca]
