Sonendo® Completes Second Of Two Rounds Of Venture Funding Totaling $27 Million Proceeds to Advance Development and Commercialize Treatment for Root Canal Therapy
LAGUNA HILLS, Calif., June 24, 2013 /PRNewswire/ -- Sonendo®, the developer of a revolutionary technology for the endodontic marketplace, announced today that it has completed the second of two equity financings originally announced last year, raising an additional $18 million for a total of $27 million. The proceeds from the financing will be used to finalize technology development, fund ongoing clinical studies and commercialize Sonendo's Multisonic Ultracleaning System™, set to launch in 2014.
The round was led by OrbiMed Advisors, LLC, with new investor Themes Investment Partners joining Fjord Ventures and NeoMed Management to form the investor syndicate. Frank Yu, Co-founder and Chief Executive Officer of Themes Investment Partners has joined the Sonendo Board of Directors.
"Our goal is to transform endodontics by improving the clinical quality and business performance of practices performing root canal therapy," said Bjarne Bergheim, President and Chief Executive Officer of Sonendo. "Sonendo has designed a breakthrough endodontic technology based upon Sound Science®, which will enable root canals to be simultaneously cleaned in about five minutes."
Sonendo's system is not yet commercially available.
About OrbiMed Advisors, LLC
OrbiMed Advisors, LLC is the largest healthcare-dedicated fund manager in the world. With approximately $7 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 Themes Investment Partners®
Themes Investment Partners is a China-focused private equity fund. The fund focuses on and invests primarily in China-related healthcare and environmental businesses. Themes has expertise in cementing strategic partnerships between leading players in China and global companies with cutting-edge technologies, especially in the healthcare area.
About Fjord Ventures Management
Fjord Ventures Management is a life-science focused technology accelerator that provides operational management expertise and a highly capital efficient shared infrastructure to portfolio companies. Sonendo was founded by Olav Bergheim, the founder of Fjord Ventures Management. For more information, please visit: www.fjordventures.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 very selectively in emerging medical products companies with outstanding growth prospects
Sonendo, Inc. is a privately-held, venture-backed company developing innovative and disruptive technologies to transform traditional endodontic therapy. The Company aims to dramatically improve the current standard of care in endodontics by providing a faster, easier and better procedural result, while also increasing the level of patient comfort. In the United States alone, more than 15 million root canal procedures are performed each year. Sonendo investors include OrbiMed Advisors LLC, Themes Investment Partners, Fjord Ventures, and NeoMed Management. For more information please visit: www.sonendo.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.