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Sound future for Sonitus following $25m Abingworth-led financing

15 May 2012

International life sciences investor Abingworth has led a $25m funding close for the maker of the world’s removable hearing device to transmit sound through the teeth.

Sonitus Medical said it would use the Series D funding to step up marketing its Soundbite system in the US and expand its availability.

Abingworth partner David Meyer has joined the Sonitus board of directors as part of the deal.

He said, “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.

“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.”

Sonitus CEO Amir Abolfathi said, “We are pleased to receive a large round with attractive terms in the midst of a challenging funding environment for medical device companies.

“We view this financing as validation of both the ear nose and throat market and Sonitus Medical’s emerging leadership in the bone conduction hearing device category.”

Abingworth has more than $1.25bn of funds under management focused exclusively on the life sciences and healthcare sector.

The firm invests in early and late-stage venture, growth equity and in public companies.

Abingworth has already invested in Dutch biopharmaceutical company Prosensa, which recently received a €23m financing round led by New Enterprise Associates.

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