EBR Systems announced today that it completed a security purchase plan to bring in about $13 million (A$20 million) in financing.
This latest financing, closed on June 12, adds to a $36.1 million institutional placement executed last month. It provided eligible shareholders with the opportunity to buy new CHESS depository interests (CDIs). It targeted an amount of about $3.9 million for the CDIs. However, given strong support, it increased the size to approximately $13 million.
In total, with the placement and security purchase plan, EBR Systems brought in just shy of $50 million. The company can use the funds to continue to accelerate commercialization efforts for its WiSE pacing technology.
“We are grateful for the ongoing support from our existing retail securityholders, as highlighted by the significant oversubscription beyond the initial SPP target amount,” said EBR Systems President and CEO John McCutcheon. “With the capital raising now complete, we are focused on executing the planned limited market release throughout the remainder of 2025, ramping up towards full commercial distribution in 2026.”
WiSE cardiac resynchronization therapy (CRT) system is the world’s only wireless cardiac pacing device for heart failure. Australia-based EBR, which has its U.S. base in Sunnyvale, California, designed its WiSE system to significantly expand the population of patients who could benefit from CRT. The leadless solution delivers left ventricular pacing. It works seamlessly with existing pacemakers, defibrillators or CRT devices that provide right ventricular pacing.
The WiSE CRT system is the size of a cooked grain of rice. It received FDA approval last month.
EBR says the Medtronic Micra leadless pacemaker qualifies for use with WiSE CRT. Testing remains underway to garner approval for WiSE with the Abbott Aveir leadless pacemaker, too.
