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November 2, 2016
SoundBite Medical Solutions Announces New Funding for CTO Technology
October 31, 2016—SoundBite Medical Solutions Inc. (SBMS), a Quebec-based cardiovascular medical technology company, announced the third closing of a seed equity round for $5 million, bringing the total cash proceeds from all financings to $14 million. The new round of financing was led by Accel-Rx Health Sciences Accelerator, BDC Capital, and the Bertrand group.
According to SBMS, these funds will be used to accelerate the company’s clinical development plan for its peripheral chronic total occlusion (CTO) program. SBMS's technology delivers high-energy shockwaves through 0.014- and 0.018-inch guidewires to address difficult-to-cross calcified CTOs.
SBMS will conduct a pivotal trial of the technology and prepare for European CE Mark approval in the third quarter of 2017 and a US Food and Drug Administration 510(k) clearance filing in the second quarter of 2018. The company recently received regulatory clearance from Health Canada to commence human clinical trials in the fourth quarter of 2016.
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