CPE Media News (6/12/2018) – SoundBite Medical Solutions Inc. has raised $5.2 million in additional Series A funding bringing the total Series A funding to $25 million.
Fidelity Investments Canada ULC led the $19.8 million initial close of Series A in April 2018. The second tranche closed [mepr-active rule=”374″ ifallowed=”hide”]#Premium Subscribers ONLY Content – Research and Intelligence – know others do not know, be informed.#[/mepr-active][mepr-active rule=”374″]on May 31, 2018 and led by an unnamed Japanese investor which contributed $2 million of the $5,167,500 total funding. 7 Ontario investors contributed the remaining amount. Soundbite’s initial tranche closed on April 9 with $19.821 million from 76 investors including 3 investors each from China and France with a total investment of $5.12 million.[/mepr-active]
SBMS intends to use the new capital to further advance its clinical and product development programs over the next 30 months.
photo credit: SoundBite Medical Solutions
News Release
SoundBite Medical Solutions Completes $25 million Series A Financing
MONTREAL – June 12th, 2018 – SoundBite Medical Solutions Inc. (SBMS) today announced the closing of a $5.2 million second and final tranche of Series A financing, bringing the total proceeds raised in the Series A financing to $25 million. In April 2018, SBMS closed a first tranche of Series A financing, led by Fidelity Investments Canada ULC. The second tranche included existing shareholders as well as new investors.
SBMS intends to use the new capital to further advance its clinical and product development programs over the next 30 months. This includes the ongoing pivotal clinical programs for the SoundBite™ Active Wire in the coronary and peripheral indications, as well as a First-In-Man clinical trial for the SoundBite™ Active Microcatheter. SoundBite™ Active Wire received CE mark approval in March 2018 for the peripheral indication.
“This successful second tranche of our Series A Round is further evidence of the enthusiasm and confidence our investors have in SoundBite’s technology and business model,” said Francis Bellido, CEO of SBMS. “We now have all the resources necessary to create a great success story.”
About SoundBite Medical Solutions
SoundBite is a privately-held medical device company developing products in the field of vessel preparation for the management and treatment of calcified and occlusive lesions in coronary and peripheral arterial diseases.
SoundBite will leverage its shock wave technology platform to clinically and commercially validate its calcium management medical devices with active wires and microcatheters
SBMS technology delivers high energy shock waves through .014” and .018” guidewires into the cardiovascular system to address difficult-to-cross calcified vascular lesions. Approximately 30-40% of occlusions are considered difficult, if not impossible, to cross and often result in the need for bypass or amputation surgeries.
Chronic Total Occlusions (CTOs) are complete blockages of arteries, which are the result of severe progression of peripheral and coronary artery disease which are two prevalent and growing cardiovascular conditions affecting over 25 million North Americans. Risk factors include diabetes, smoking, obesity, high blood pressure, and cholesterol. It is estimated that between 30-40% of the peripheral and coronary artery disease population possess CTOs.
For information on SoundBite Medical Solutions, please contact Mandy Di Lazzaro, Director, Human Resources & Communications (mandy.dilazzaro@soundbitemedical.com) or Francis Bellido, CEO (francis.bellido@soundbitemedical.com), SoundBite Medical Solutions, 2300 Alfred Nobel, Technoparc St-Laurent, Montreal Québec H4S 2A4
For additional information visit www.soundbitemedical.com