Why Is Nano-Cap Helius Medical Stock Trading Higher On Wednesday?

Wednesday, Helius Medical Technologies Inc HSDT announced it has partnered with Lovell Government Services (Lovell), an SBA-certified Service Disabled Veteran Owned Small Business (SDVOSB), to make the company’s Portable Neuromodulation Stimulator (PoNS) device available to federal healthcare systems. 

Helius Medical’s stock is trading higher on an increased session volume of 1.87 million, compared to the average volume of 305.81K, as per the data from Benzinga Pro.

PoNS is indicated in the U.S. for use as a short-term treatment of gait deficit in adults with mild-to-moderate symptoms from multiple sclerosis when used in conjunction with physical therapy.

“In a study of real-world results, after 14 weeks of PoNS Therapy, 100% of MS patients experienced a clinically meaningful improvement in gait. More than 28,000 cases of MS are reported to the VA annually, making PoNS a potential game changer for veterans and their families,” said Dane Andreeff, President and Chief Executive Officer of Helius.

Last month, 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.

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. 

Price Action: HSDT shares are up 38% at $7.86 during the premarket session on the last check Wednesday.