Helius Medical Technologies, Inc. (NASDAQ:HSDT) (TSX:HSM) (“Helius”
or the “Company”), a neurotech company focused on neurological
wellness, today announced that Philippe Deschamps, has stepped down
from his positions as President and Chief Executive Officer (“CEO”)
and resigned his position as Chairman of the Board of Directors,
effective August 23, 2020. Current members of the Board of
Directors, Dane C. Andreeff and Blane Walter, have been appointed
to the respective positions of Interim President and CEO, effective
August 23, 2020, and Chairman of the Board of Directors, effective
August 23, 2020. Mr. Andreeff will continue to serve as a director
of the Company and is expected to serve as Interim President and
CEO until the Board of Directors completes its search for a
permanent successor.
“On behalf of my fellow directors, I would like
to thank Phil for his leadership and dedication to Helius Medical
Technologies over the last seven years,” said Blane Walter. “Phil
has led the Company since its early days and his achievements have
enabled Helius to transition to a publicly-traded, commercial-stage
company that is currently awaiting regulatory clearance in the U.S.
We wish him the very best in his future endeavors.”
Mr. Walter continued, “The Board and I believe
Dane is an excellent candidate to build upon Helius’ recent
regulatory and operational progress as we conduct the search for a
permanent successor. Dane has been an important adviser to the
Company as a member of the Helius Board of Directors for the last
three years, is a large shareholder and is well-versed in all
aspects of its strategy. For over 20 years, he has served as
General Partner and Portfolio Manager at Maple Leaf Partners, LP, a
hedge fund which he founded and subsequently grew to over $2
billion in assets under management. Dane also possesses significant
experience advising other companies as a board member, including
multiple companies in the healthcare sector. Importantly, Dane is
dedicated to pursuing our objectives as an organization efficiently
and effectively, and has elected to take no additional compensation
in return for his service as Interim President and CEO. We look
forward to leveraging his leadership skills, and experience in
managing and advising businesses, as Helius pursues its next phase
of growth.”
“During my tenure as a member of Helius’ Board,
I have been consistently impressed with the potential of our PoNS
technology and dedication our organization has shown to bringing it
to the aid of patients suffering from the effects of chronic
conditions like multiple sclerosis and traumatic brain injury,”
said Dane C. Andreeff. “Helius has made exciting regulatory and
operational progress this year, expanding our network of authorized
PoNS clinics to 19 locations in Canada, obtaining FDA Breakthrough
Designation for our target indication in MS – which represents a
high unmet medical need – and ultimately submitting our request for
U.S. FDA de novo classification and clearance earlier this
month. In view of this progress, I believe we are well-positioned
to begin the next phase of growth as an organization. As Interim
President and CEO, I am committed to building on our recent
achievements in Canada and the U.S., and driving continued
operational progress for the benefit of our patients and
shareholders.”
“It has been a privilege and a great pleasure to
serve on the executive leadership team and Board of Directors at
Helius and I’m proud of the many accomplishments that we have
achieved during my tenure,” said Philippe Deschamps. “I remain a
significant shareholder in Helius and a firm believer that the PoNS
technology represents a truly revolutionary approach to the
treatment of neurological disease and trauma. I look forward to the
Company’s future progress under Dane and Blane’s leadership and
expertise.”
About Dane C. Andreeff
Dane C. Andreeff has served as a member of
Helius’ Board of Directors since August 2017. Mr. Andreeff is the
General Partner and Portfolio Manager at Maple Leaf Partners, LP,
which owns approximately 3% of Helius’ outstanding common stock.
Maple Leaf Partners, LP is a hedge fund founded by Mr. Andreeff,
where he has been employed since 1996. In 2003, the fund was seeded
by Julian Robertson’s Tiger Management and later grew to over $2
billion in assets under management.
Mr. Andreeff has served as a member of the Board
of Directors of HDL Therapeutics, Inc., a privately held medical
technology and device company focused on infusing plasma with
preβ-HDL for the treatment of multiple cardiovascular indications,
since 2012, Myocardial Solutions, Ltd., a privately held medical
technology company with an FDA-cleared cardiac MRI software known
as MyoStrain® that provides a 10-minute test for detecting heart
dysfunction in multiple cardiovascular indications – including
cardiotoxicity in cancer treatment, since 2016, and TraceSecurity,
LLC, a privately held, profitable cybersecurity services company,
since 2005.
Mr. Andreeff received his Bachelor’s degree in
Economics from the University of Texas at Arlington in 1989 and his
Master’s degree in Economics from the University of Texas at
Arlington in 1991.
About Blane Walter
Mr. Walter has served as a member of Helius’
Board of Directors since December 2015. Mr. Walter is a partner at
Talisman Capital Partners, a position he has held since 2011. In
1999, Mr. Walter founded inChord Communications, Inc., a global
private healthcare communications company, which was acquired by
inVentiv Health in 2005. Mr. Walter joined inVentiv Health as
president of the Communications division in 2005 and was named
Chief Executive Officer in 2008. He served in that capacity until
leading the sale of the company to Thomas H. Lee Partners in 2010.
Following the buyout, Mr. Walter served as vice chairman of
inVentiv Group, a holding company which survived the buyout, from
2011 to August 2017.
Mr. Walter received his Bachelor’s degree in
Marketing and Finance from Boston College in 1993.
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 commercial product is the Portable Neuromodulation
Stimulator (PoNS™). For more information, visit
www.heliusmedical.com.
About the PoNS™ Device and PoNS
Treatment™
The Portable Neuromodulation Stimulator (PoNS™)
is authorized for sale in Canada as a class II, non-implantable,
medical device intended as a short term treatment (14 weeks) of
gait deficit due to mild and moderate symptoms from multiple
sclerosis (MS), and chronic balance deficit due to mild-to-moderate
traumatic brain injury (mmTBI) and is to be used in conjunction
with physical therapy. The PoNS™ is an investigational medical
device in the United States, the European Union (“EU”), and
Australia (“AUS”). The device is currently under review for de
novo classification and clearance by the FDA. It is also under
premarket review by the AUS Therapeutic Goods Administration. PoNS™
is currently not commercially available in the United States, the
European Union or Australia.
Investor Relations Contact:
Westwicke Partners on behalf of Helius Medical
Technologies, Inc.Mike Piccinino,
CFA443-213-0500investorrelations@heliusmedical.com
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
Company’s future growth and operational progress, including
clinical and regulatory development plans for the PoNS device,
potential regulatory clearance of the PoNS device, plans to conduct
a search for a permanent President and Chief Executive Officer and
potential of the PoNS technology.
There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those expressed or implied by such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include the
impact of the COVID-19 pandemic, uncertainties associated with
clinical trial enrollments and the results of clinical trials,
uncertainties associated with the clinical development process and
FDA regulatory submission and approval process, including the
Company’s capital requirements to achieve its business objectives,
and other risks detailed from time to time in the filings made by
the Company with securities regulators, and including the risks and
uncertainties about the Company’s business described in the “Risk
Factors” sections of the Company’s Annual Report on Form 10-K for
the year ended December 31, 2019, Quarterly Report on Form 10-Q for
the quarter ended June 30, 2020 and its other filings with the
United States Securities and Exchange Commission and the Canadian
securities regulators, which can be obtained from either at
www.sec.gov or www.sedar.com.
The reader is cautioned not to place undue
reliance on any forward-looking statement. The forward-looking
statements contained in this news release are made as of the date
of this news release and the Company assumes no obligation to
update any forward-looking statement or to update the reasons why
actual results could differ from such statements except to the
extent required by law.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the
content of this news release.
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