Citing ‘Costs and Effort,’ Newtown Medical Device Manufacturer Delists from the Toronto Stock Exchange

Helius Medical Technologies delists from the Toronto Stock Exchange
Image via William Kimber at Creative Commons.
Helius Medical Technologies delists from the Toronto Stock Exchange, owing to administrative costs and efforts.

Newtown’s Helius Medical Technologies has decided to eschew the Canadian exchange and concentrate solely on trading domestically. John George covered the strategic move in the Philadelphia Business Journal.

Helius is voluntarily delisting from the Toronto Stock Exchange (TSX). In its explanatory statement, the company said that TSX trading volume no longer justifies the expense and administrative efforts to remain.

The company will continue its listing on the Nasdaq Capital Market. It was trading at $14.10 per share on Nasdaq late last week.

Helius anticipates the delisting of its Class A common stock from the TSX at the close of trading on Sept. 9. The move does not require shareholder approval.

Helius is the developer of the Portable Neuromodulation Stimulator (PoNS), a non-surgical device that delivers electrical stimulation to the surface of the tongue. In March, the Food and Drug Administration approved the use of PoNS for short-term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis. Canadian regulators have approved the device.

Earlier this month, the company received breakthrough designation for PoNS’ use in treating patients with dynamic gait and balance deficits following a stroke.

Helius generated product sales of $140,000 and a net loss of $9.3 million during the first two quarters of 2021.

More on the exit of Helius Medical Technologies from the Toronto Stock Exchange is at the Philadelphia Business Journal.

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