Sophono, Inc., a Boulder, Colo.-based medical device manufacturer specializing in implantable, bone conduction hearing devices, has closed a $7m Series B financing.
The round was led by Wexford Capital LP.
In conjunction with the transaction, Paul A. Mieyal, Ph.D., Wexford’s vice president and director of Life Sciences Investments, and Mark Zand, a Wexford partner, will join Sophono’s board of directors.
The company intends to use the proceeds to increase a global sales force, further develop products already on the market, introduce additional products and expand manufacturing facilities in Boulder.
Led by Jim Kasic, president and CEO, Sophono manufactures implanted magnetic hearing devices. Its FDA-cleared Alpha 1 is 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 company also maintains an office in Germany, and sells through distributors in more than 20 countries.