Sonendo® Closes $10 Million Venture Debt Facility With Oxford Finance Proceeds to Advance Development and Commercialize Treatment for Root Canal Therapy
LAGUNA HILLS, Calif., March 24, 2014 /PRNewswire/ -- Sonendo®, Inc., the developer of a revolutionary technology for the endodontic marketplace, announced today it has closed a $10 million venture debt agreement with Oxford Finance LLC. The debt facility, in combination with the $27 million venture funding that closed in the summer of 2013, will be used to commercialize Sonendo's Multisonic Ultracleaning System™. The system is set to debut at the American Association of Endodontists (AAE) annual meeting during the second quarter of 2014.
"Sonendo is introducing a system that will change the way root canal therapy is performed," said Christopher A. Herr, Managing Director for Oxford Finance. "The company's ground-breaking technology platform, while initially focused on endodontics, may also have broader applications in dentistry and medicine. Oxford is pleased to be able to provide capital to support the roll out of Sonendo's Multisonic Ultracleaning System™, as well as its overall strategy."
"We are very pleased to have added Oxford as one of our investment partners, and fortunate to have attracted top tier investors that share our vision of transforming endodontic therapy," commented Bjarne Bergheim, President and CEO of Sonendo. "The company is well positioned as we prepare for commercialization and we are excited about the debut of our Multisonic Ultracleaning System™ to the endodontic community at the AAE at the end of April. In addition to delivering ultraclean root canal therapy for their patients, clinicians will be able to capitalize on the predictability of the Sonendo procedure to enhance their office productivity and efficiency."
Sonendo, Inc. is a privately-held, venture-backed company developing innovative and disruptive technologies to transform traditional endodontic therapy. In the United States alone, more than 15 million root canal procedures are performed each year. With the planned commercialization of its Multisonic Ultracleaning System™ set to launch in 2014, Sonendo aims to improve clinical quality and business economics of current root canal therapy. Sonendo investors include OrbiMed Advisors LLC, Themes Investment Partners, Fjord Ventures, NeoMed Management, and Oxford Finance LLC. For more information please visit: www.sonendo.com.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts, Illinois and North Carolina. For more information visit www.oxfordfinance.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.
SOURCE Sonendo, Inc.