Sophono Inc, maker of a magnetic and implantable bone conduction hearing device, has closed on $7 million in growth capital financing. The company will use the new financing to fuel product and business development efforts.
Wexford Capital LP led the Series B round of financing. Based in Greenwich, Conn, Wexford manages a series of hedge funds and private equity funds, with more than $2 billion in private equity investments.
According to Jim Kasic, president and CEO of Sophono, the company will use the new funds to increase its global sales force, further develop products already on the market, introduce additional products, and expand its manufacturing facilities in Boulder, Colo.
Sophono manufactures the FDA-cleared Alpha, an abutment-free, implantable, bone-anchored hearing device, designed for individuals with conductive hearing loss (outer or middle ear), mixed hearing loss (both middle and inner ear), and single-ear deafness.
The Alpha 1 is abutment-free thanks to a design that uses magnets to attach the audio processor to a patient’s skull. That external processor picks up sounds, digitally amplifies them, and converts them into vibrations that travel through the skin and skull to the cochlea in the ear. The wearer then can hear the sounds.
"The new funding demonstrates the continuing belief in Sophono’s business model and opportunities," says Kasic. "The investment provides the resources for Sophono to expand awareness, understanding, and distribution of its proven technology and product. While our products are already helping people throughout the world, we will now be able to reach some of the more than two million individuals standing to benefit from our technology."
SOURCE: Sophono Inc