Why Is Neurotech-Focused Helius Medical Trading Higher On Monday?

Helius Medical Technologies Inc HSDT shares are trading higher after the Centers for Medicare & Medicaid Services assigned Healthcare Common Procedure Coding System (HCPCS) Level II codes A4593, “Neuromodulation stimulator system, adjunct to rehabilitation therapy regime” to describe the PoNS controller and A4594.

Helius Medical Technologies is a neurotech company in the medical device field focused on neurologic deficits. The company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS).

Helius Medical’s stock is trading higher on an increased session volume of 5.71 million, compared to the average volume of 171.2K, as per the data from Benzinga Pro.

“Neuromodulation stimulator system, adjunct to rehabilitation therapy regime, mouthpiece each” to describe the PoNS mouthpiece. The new HCPCS codes will be effective April 1, 2024.

“This marks a critical reimbursement and access milestone and provides Helius the ability to begin negotiating reimbursement with third-party payers using these unique HCPCS codes. We believe there is a reasonable likelihood that at the public meetings this summer CMS will determine a reimbursement amount for each of the PoNS controller and mouthpiece to take effect on October 1, 2024,” stated Helius’ President and Chief Executive Officer, Dane Andreeff.

PoNS is indicated for use in the U.S. as a short-term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis and is to be used as an adjunct to a supervised therapeutic exercise program. 

The company is also seeking marketing authorization under PoNS’s breakthrough designation for stroke in the United States, where over five million stroke survivors are affected by walking and balance disability. 

In Canada, PoNS is authorized to treat balance impairment due to MS, stroke, and mild-to-moderate traumatic brain injury.

Price Action: HSDT shares are up 35% at $6.16 on the last check Monday.

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