Sonitus Medical, Inc., a medical device company that manufactures the world's first non-surgical and removable hearing device to transmit sound via the teeth, has closed a $25 million Series D round of venture capital funding. Abingworth, an international investor dedicated to life sciences, led the round and was joined by all current venture capital investors.
"We are pleased to receive a large round with attractive terms in the midst of a challenging funding environment for medical device companies," said Amir Abolfathi, CEO of Sonitus Medical. "We view this financing as validation of both the Ear Nose and Throat (ENT) market and Sonitus Medical's emerging leadership in the bone conduction hearing device category."
As the hearing market has continued to grow and evolve over the past decade, the bone conduction hearing device category has emerged as a distinct market segment that is differentiated from both the hearing aid and cochlear implant segments. "What innovators of next generation devices within the hearing industry have recognized," notes Abolfathi, "is that hearing loss is a debilitating medical condition that requires different solutions depending on the type of loss that the patient has suffered." The company's non-invasive SoundBite™ Hearing System is a prosthetic device that makes novel use of the established principle of bone conduction by transmitting sound via the teeth and thereby replacing the function of the impaired ear. It has already received FDA 510(k) clearance for two indications, single sided deafness and conductive hearing loss.
"We believe Sonitus Medical has positioned itself exceptionally well to win in a market that historically has been inadequately served and has the potential for significant growth," says David Mayer, Partner at Abingworth. "The company has brought to market a non-invasive alternative to a prevalent surgical treatment, while its underlying technology can be leveraged as a platform for market expansion into other important applications." Mr. Mayer has joined the Sonitus Medical Board of Directors.
The company is now marketing the SoundBite system in the US with plans to rapidly expand availability.
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