International Biomedical Devices closes $2.4m convertible debt round

 

Early-stage med device company International Biomedical Devices said today it closed a $2.35 million convertible debt funding round to support its flagship ApertureCTC precision capsulotomy system designed for cataract surgery.

Money in the round came from Santen Pharmaceutical Col, entrepreneurial support program SC Launch and one of the company’s founders.

“This funding will facilitate the continued development of the ApertureCTC precision capsulotomy system, including funding clinical research and, eventually, applying for regulatory review. The ApertureCTC system addresses a current need in cataract surgery for a reproducible and predictable mechanism for performing a precise capsulotomy, which is arguably the most important and technically challenging step in the Phaco cataract surgery procedure,” CEO Steven Bryant said in a press release.

Mt. Pleasant, S.C.-based International Biomedical Devices said funds in the round will be used to complete product development, pre-clinical and clinical activities and for regulatory filings, with a 510(k) application planned in the U.S. and CE Mark approval in the European Union.

Convertible notes in the round are structured to provide bridge capital as the company seeks early-stage milestones, with the notes intended to convert to a follow-on Series A preferred stock equity round. The company said it intends to pursue the round in conjunction with the launch of its ApertureCTC system.

“We congratulate SC Launch portfolio company IBMD on this significant raise. SC Launch is delighted to have participated in this round of financing, which will enable product commercialization. We look forward to the company’s growth and future successes that contribute to South Carolina’s Innovation Economy,” SCRA exec director Bob Quinn said in a prepared statement.

The company’s Aperture precision capsulotomy system is designed to create precise incisions during cataract surgeries.

Last August, International Biomedical Devices said it closed a $2 million seed funding round, with funds slated to support product development and pre-clinical studies.

Funds for the seed round of financing came from SCRA Technology Ventures’ SC Launch program, angel investors and management, IBMD said.

The post International Biomedical Devices closes $2.4m convertible debt round appeared first on MassDevice.

from MassDevice http://ift.tt/2cc6Gtp