MONTREAL, Canada – 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 SoundBiteTM 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.