VANCOUVER, BC – Accel-Rx along with seed funding partner BDC Capital are investing in SoundBite Medical Solutions Inc. (SBMS), a company developing medical technology for the treatment of cardiovascular conditions.
The investment is part of a $5 million seed financing round that also includes the Bertrand group among other angel investors.
SBMS’s main technology, ShockWire, is a wire-based technology that delivers high energy shockwaves into the cardiovascular system to address difficult-to-cross calcified chronic total occlusions (CTOs). CTOs are complete blockages of arteries that form as a result of severe progression of peripheral artery disease (PAD) and coronary artery disease (CAD). The energy produced by SoundBite’s technology is delivered with guidewires compatible with standard angioplasty platforms that power through calcium and fibrotic deposits while leaving the healthy elastic tissue intact.
“With this financing, we are well positioned to commence the clinical validation and commercialization process at SBMS,” said Steve Arless, co-Founder and CEO of SBMS. “We recently received regulatory clearance from Health Canada to commence human clinical trials in the fourth quarter of this year. We will prepare for a CE mark in the third quarter of 2017 and a FDA 510K filing mid 2018 for the CTO program,” he added.
It is estimated that of the 14 million and 10 million North Americans with PAD and CAD respectively, 40% of the PAD population and 30 per cent of the CAD population possess CTOs. Approximately 30 to 40 per cent of CTOs are difficult or impossible to treat with minimally invasive therapies, requiring patients to undergo bypass or amputation surgeries.
“SoundBite’s technology is groundbreaking in that it has the ability to fill essentially an unmet medical need with a potentially safe and efficacious option that is relatively easy to use,” said Natalie Dakers, president and CEO of Accel-Rx. “In addition, they have a strong management team with a successful track record in medical device development.”