Sonitus Medical Inc, maker of the SoundBite™ Hearing System, has closed a $25 million Series D round of venture capital funding. Abingworth, an international investor, led the round of funding and will have representatives on Sonitus’ board of directors.
"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."
The company’s non-invasive SoundBite Hearing System is described as “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." Mayer has joined the Sonitus Medical board of directors.
The company is now marketing SoundBite in the United States and reportedly has plans to rapidly expand its availability.
SOURCE: Sonitus Medical