MONTREAL – September 24, 2019 – SoundBite Medical Solutions Inc. (SBMS) today announced that it has entered into an $8 million loan agreement (the “Agreement”) with Investissement Québec (IQ) as part of the Biomed Propulsion Program. The terms of the Agreement were not disclosed.
SoundBite intends to use the proceeds to support the development and early market introduction of its SoundBite™ Crossing System (SCS). The first application, the SCS-Peripheral has received CE Mark, and SoundBite has filed for market authorization in Canada and the US.
The Biomed Propulsion Program, which is under the responsibility of the “Ministère de l’Economie et de l’innovation du Québec” is administered by IQ.
“We are excited to have the support of Investissement Québec, a high-profile Canadian investment institution, as we execute on our strategic plan and continue to grow and prepare for early market introduction of our first approved product,” said Francis Bellido, SBMS President and CEO.
“This financing option provides a flexible and cost-effective way to fund programs and deliver tangible value while avoiding dilution for our investors at this juncture of our growth trajectory,” said Ashkan Haghighat, VP Business and Corporate Development at SBMS.
About SoundBite Medical Solutions Inc.
SoundBite Medical Solutions Inc. is developing proprietary shock wave technology to address significant unmet clinical needs in interventional vascular treatment. Through an elegant combination of hardware and software, it can, in a very controllable manner, deliver high amplitude shock wave pulses through guidewires and other interventional tools, to specifically attack highly calcified and fibrotic tissue in the vascular system, while leaving healthy, elastic arterial walls unharmed.
For information on SoundBite Medical Solutions, please contact Mandy Di Lazzaro, Director, Human Resources & Communications ([email protected]) or Francis Bellido, CEO ([email protected]), SoundBite Medical Solutions, 2300 Alfred Nobel, Technoparc St-Laurent, Montreal Québec H4S 2A4
For additional information visit www.soundbitemedical.com
This press release contains forward-looking statements and forward-looking information, or, collectively, forward-looking statements, within the meaning of applicable securities laws, that are based on our management’s belief and assumptions and on information currently available to our management. You can identify forward-looking statements by terms such as “may”, “will”, “should”, “could”, “would”, “outlook”, “believe”, “plan”, “envisage”, “anticipate”, “expect” and “estimate” or the negatives of these terms, or variations of them. Forward-looking statements are based upon a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond SoundBite Medical Solutions Inc.’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward looking statements. Forward-looking statements reflect current expectations regarding future events and speak only as of the date of this press release and represent our expectations as of that date. We undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances.