"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,"
"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."
The company is now marketing the SoundBite system in the US with plans to rapidly expand availability.
About Sonitus Medical – "Sound Innovation. With Teeth.™"
Sonitus Medical Inc., is a privately held medical device company committed to providing innovative and clinically effective hearing solutions that Otologists, ENTs, and Audiologists can use to help their patients rejoin the conversation of life. As an emerging leader in bone conduction hearing devices, Sonitus Medical currently markets the SoundBite Hearing System, the world's first non-invasive and removable hearing solution that imperceptibly transmits sound via teeth. Relying on the principle of bone conduction, this nearly invisible ITM (in-the-mouth)
Abingworth is an international investment group dedicated exclusively to the life sciences and healthcare sector. The company invests at all stages of development including early and late-stage venture financing, growth equity and public companies. Founded in 1973, Abingworth has a lengthy track record of backing market-leading companies. Abingworth has a specialist team of 20 professionals with both a broad range of skill sets and access to an extensive network of industry contacts. Abingworth has funds under management of over $1.25 billion and offices in London, Menlo Park (California)
The SoundBite Hearing System is the world's first and only non-surgical and removable hearing solution that imperceptibly transmits sound via the teeth. It is intended to help people with single sided deafness or Conductive Hearing Loss rejoin the conversation of life by restoring hearing through the use of a well-established principle called bone conduction to deliver clear, natural sound. Nearly invisible when worn, the SoundBite system consists of an easy to insert and remove ITM (in-the-mouth)