Sonendo Agrees To Terms For Up To $20 Million In Financing Proceeds To Advance Development and Commercialize Treatment for Root Canal Therapy
LAGUNA HILLS, Calif., June 28, 2012 /PRNewswire/ -- Sonendo, Inc. (formerly known as Dentatek Corporation), a privately-held company developing disruptive technologies to transform endodontic therapy, announced today that it has agreed to terms for a $20 million equity financing of which $9.2 million has been invested in an initial closing. The round was led by OrbiMed Advisors, LLC, with NeoMed Management joining existing investors, including Fjord Ventures Management. The proceeds from the financing will be used to finalize technology development, fund clinical studies and commercialize Sonendo's first endotherapy system. Vince Burgess of OrbiMed and Erik Amble of NeoMed have joined the company's board of directors.
Vince Burgess, Venture Partner at OrbiMed Advisors, noted, "We look to invest in companies, like Sonendo, that have disruptive technologies in large markets. In the United States alone there are more than 15 million root canal procedures performed every year, nearly all of which utilize simple metal files and too often yield imperfect results. We believe Sonendo's proprietary technology, once fully developed, has the potential to change the standard of care for root canal procedures."
Bjarne Bergheim, Chief Executive Officer of Sonendo, said, "We are encouraged that this group of premier investors has recognized the potential of Sonendo to transform root canal therapy. This investment will help us achieve our goal of improving traditional endodontic procedures with a focus on clinical outcomes and patient comfort."
About Sonendo, Inc. - Founded in 2006 as Dentatek Corporation by life science-focused accelerator Fjord Ventures, LLC, Sonendo is a privately-held pre-revenue stage company developing innovative technologies to transform endodontic therapy.
About OrbiMed Advisors, LLC - OrbiMed Advisors is the largest healthcare-dedicated fund manager in the world. With approximately $5 billion under management and offices in New York, San Francisco, Tel Aviv, Shanghai, and Mumbai, OrbiMed offers the global resources to be an exceptional long term partner for its portfolio companies. For more information, please visit: www.OrbiMed.com
About NeoMed Management - NeoMed Management is an international investment firm, exclusively focusing on the healthcare industry. Founded in 1996, NeoMed has established five funds, with total committed capital exceeding $250 million. NeoMed invests in emerging medical products companies with outstanding growth prospects. For more information please visit: www.neomed.net
About Fjord Ventures, LLC - Fjord Ventures is a life-science focused technology accelerator that provides operational management expertise and a highly capital efficient shared infrastructure to portfolio companies. Financing alternatives are available through Fjord Ventures Management. For more information, please visit: www.fjordventures.com
This announcement contains forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management. All statements that address events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to the timing and progress of research and development activities. Management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on forward-looking statements because they speak only as of the date when made. Sonendo does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements.
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SOURCE Sonendo, Inc.