Helius Medical Technologies ( HSDT ) shares are trading higher Wednesday after the company announced an authorized claim for payment for the PoNS Device from Aetna Healthcare.

What To Know: Helius said Aetna Healthcare approved an out-of-network claim for the Portable Neuromodulation Stimulator (PoNS) device at a negotiated price of $18,350, making it the third major insurer to provide reimbursement after Anthem and United.

The PoNS Device is a portable, non-invasive therapy that sends mild electrical signals to the tongue through a mouthpiece. It's used at home alongside physical rehab exercises to help improve balance and walking ability in people with multiple sclerosis.

The company noted the authorization represents an initial step toward broader third-party coverage, as it continues actively pursuing in-network coverage for PoNS from major commercial payers and negotiating reimbursement on a case-by-case basis. 

"We expect to continue our efforts in expanding patient access and ensuring consistent reimbursement as we work to align commercial payments with the rates currently offered by the VA/DoD at $26,228," said Helius president and CEO Dane Andreeff.

“At the same time, we remain firmly committed to supporting individuals with MS who rely on Medicare for PoNS treatment and believe this, along with other 3rd party payer reimbursement decisions will benefit our continued efforts to secure fair and adequate reimbursement by CMS for the PoNS system.”

Helius Medical ( HSDT ) has a low float of approximately 527,800 shares, according to Benzinga Pro data. The company also had a market cap of just $446,000 as of Tuesday's close. Low-float micro-cap stocks tend to be extremely volatile, which may explain some of the surge on Wednesday.

HSDT Price Action: At the time of publication, Helius shares were up 74.1% at $1.47, according to data from Benzinga Pro.

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