Sophono Inc receives a $7 million investment
PRESS RELEASE - Sophono Inc receives a $7 million investment
Hearing device manufacturer Sophono Inc. has received $7 million in growth capital financing, the company said Monday.
Wexford Capital LP in Greenwich, Connecticut, led the Series B round of financing. Sophono immediately plans to add 12 to 15 new sales and marketing employees as well as administrative staff as a result of the new funding, said Jim Kasic, the company's president and chief executive. As the company continues to grow, Kasic also plans to hire more manufacturing employees and expand the company's existing operation at 3022 Sterling Circle in Boulder.
Sales have been growing about 10 percent per month, after the device received U.S. Food and Drug Administration approval about a year ago, Kasic said. About 2 million people - representing a $120 million market that's growing about 30 percent per year - could benefit from using the implantable hearing device, Kasic said.
Sophono also has an office in Germany, and sells its devices through distributors in more than 20 countries. The company previously received a $600,000 investment in 2010 from the Colorado Institute for Drug, Device and Diagnostic Development, or CID4, a nonprofit group involved with bioscience companies in Colorado.
This version submitted by Melg8Mike