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 (firstname.lastname@example.org) or Francis Bellido, CEO (email@example.com), SoundBite Medical Solutions, 2300 Alfred Nobel, Technoparc St-Laurent, Montreal Québec H4S 2A4
For additional information visit www.soundbitemedical.com
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