Mount Pleasant, SC- August 30, 2016 – International Biomedical Devices, Inc. (IBMD), an early-stage medical device company focused on the emerging, non-laser based, precision capsulotomy category for cataract surgery, announced the initial closing of a convertible debt funding round.
This transaction, which closed on June 30, raised $2.35 million (US). Investors in this financing round include Santen Pharmaceutical Co., Ltd., SC Launch – SCRA’s entrepreneurial support program, and one of the company’s co-founders. The transaction proceeds are intended for working capital that will be used by IBMD to complete product development, pre-clinical and clinical activities, as well as regulatory filings for CE Mark and FDA 510K approvals for the Company’s flagship ApertureCTC Precision Capsulotomy System. The convertible notes have been structured to provide bridge capital to achieve these early-stage milestones and are intended to convert to a follow-on Series A Preferred Stock equity round, which IBMD intends to pursue in
conjunction with the introduction of the ApertureCTC system to the market.
“This funding will facilitate the continued development of the ApertureCTC Precision Capsulotomy System, including funding clinical research and, eventually, applying for regulatory review,” said Steven R. Bryant, Founder and CEO of IBMD. “The ApertureCTC system addresses a current need in cataract surgery for a reproducible and predictable mechanism for performing a precise capsulotomy,” said Bryant, “which is arguably the most important and technically challenging step in the Phaco cataract surgery procedure.”
“We congratulate SC Launch portfolio company IBMD on this significant raise,” said SCRA Executive Director Bob Quinn. “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.”
The ApertureCTC may increase the safety of cataract surgery while helping to create more predictable visual outcomes for patients. By simplifying the current manual surgical procedure, a broader range of surgeons throughout the world will be able to achieve surgical incisions with precise placement and a higher degree of consistency. A growing body of evidence indicates that a perfectly round capsulotomy during cataract surgery results in more precise sizing and centering, better IOL-capsule overlap parameters and less IOL tilt and decentration, ultimately leading to a more stable refractive result. Traditionally, the capsulotomy procedure is performed utilizing a manual technique, which requires a high-degree of skill and can sometimes lead to unpredictable results.
About International Biomedical Devices, Inc.
International Biomedical Devices, Inc. (IBMD) is an early-stage medical device company focused in ophthalmic innovations. At present the company is leading the emerging, non-laser based, precision capsulotomy category through the development of a unique and needed new capsulotomy technology. The arrival of this device represents a considerable potential improvement to traditional surgical technique by ensuring safer, more precise cataract surgeries and more predictable outcomes for patients.
# # #
Allison Potter Howell
Pascale Communications, LLC