MONTREAL, May 19, 2016 – SoundBite Medical Solutions Inc. (SBMS Inc.), a Montreal and Sherbrooke-based cardiovascular (CV) medical technology company, announced today the first closing of the seed equity round for $6 million.
The financing was co-led by new investors Med-Innov from France and Karsh Holdings from Toronto. “I am very encouraged by the interest and financial support shown at the local and international level, among angels and many cardiovascular stakeholders, who all have contributed to this very successful year of financing”, says Francis Bellido, CFO of SBMS Inc.
Including the conversion of the 2 convertible debenture financings in 2015, and the anticipated 2nd and final closing of the seed equity round in June 2016, it is expected that the total raise will be $10.0 million. This capital will be used to spearhead the final stages of clinical development and commercialization of SoundBite shockwave technology in the exciting and challenging arena of chronic total occlusions (CTO’s) of the cardiovascular system.
“With this financing, we are well positioned to commence the clinical validation and commercialization process at SBMS Inc. We have initiated the regulatory approval processes with Health Canada, the FDA and the European regulators, and will be in a good position to commence human clinical trials in Q3 of this year” says Steve Arless, Co-Founder and CEO of SBMS Inc.
SBMS Inc. initiated operations in May 2015. In just over twelve months, the Company has grown to a Team of 15 professional engineers and entrepreneurs, and advanced the technology from a university-based prototype system to an Alpha stage system designed and built under ISO design controls, ready for human clinical trials in Q3, 2016. SBMS Inc. technology delivers high energy shockwaves through .014” and .018” guidewires into the cardiovascular system to address difficult-to-cross calcified and fibrotic CTO’s. Approximately 30% to 40% of these occlusions are problematic, if not impossible, to cross, and often result in the need for bypass or amputation surgeries.
CTO’s are complete blockages of arteries, which are the result of severe progression of peripheral artery disease (PAD) and coronary artery disease (CAD), two prevalent and growing cardiovascular conditions affecting over 14 million and 10 million of North Americans, respectively. It is estimated that 40% of the PAD population and 30% of the CAD population possess CTO’s.
SoundBite Medical Solutions Inc. is developing proprietary shockwave technology to address significant unmet clinical needs in interventional cardiovascular therapy. Through an elegant combination of hardware and software, it can, in a very controllable manner, deliver high amplitude shockwave pulses through guidewires and other interventional tools, to specifically attack highly calcified and fibrotic tissue in the arterial vascular system, while leaving healthy, elastic vessel walls largely unharmed.
For further information on SoundBite Medical Solutions Inc., please contact: Steve Arless, Co-founder and CEO (firstname.lastname@example.org) or Francis Bellido, CFO (email@example.com), SoundBite Medical Solutions Inc., 2300 Alfred Nobel, Technoparc St-Laurent, Montreal, Quebec H4S 2A4
SoundBite Medical Solutions Inc., Game Changer in CTO Treatment.