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Helius Medical Technologies Shares (NASDAQ: HSDT) soared 19% on Monday after the company said the Centers for Medicare & Medicaid Services had assigned HCPCS Level II codes for its wearable PoNS mouthpiece and monitoring devices.
Helius said that the codes, which which will take effect on April 1, are an important step towards reimbursement. The company added that it anticipates CMS to determine reimbursement quantities for each product this summer and will take effect on October 1.
The PoNS device is used to deliver neurostimulation therapy to improve balance and gait in patients with multiple sclerosis.
Helius added that its recent equity program has extended its cash runway into the third quarter. The sale generated net proceeds of $1.5 million, with an average share price of $9.17.
