Sonavex Closes Oversubscribed Series A, Adds Two Industry Veterans to Board
Baltimore, MD (April 24, 2017) – Sonavex, Inc., a privately held medical device company dedicated to improving surgical patient outcomes with point-of-care imaging technologies, announced that it received $3 million in recent financing, including the $2.2M first close of its Series A round. The offering, led by Grey Sky Venture Partners, was recently expanded by another $1.3 million following increased demand from investors. Other participating investors include CRCM Venture Capital, TEDCO, the Abell Foundation, medical device executives, surgeons, and successful business executives.
The funds, comprised of $2.2 million in equity and a $750,000 Small Business Innovation Research (SBIR) Phase II grant from the National Science Foundation (NSF), will support the commercialization of the company’s EchoSure technology for detecting blood clot formation in surgical patients, and the development of its pipeline perioperative ultrasound solutions.
“Our ultrasound technology offers a game-changing solution to a catastrophic problem for patients,” said Devin O’Brien Coon, MD MSE, Chief Medical Officer of Sonavex and a clinically practicing plastic and reconstructive surgeon. “For decades, surgeons have sought a reliable way to detect early thrombosis after surgery and we are eager to begin using EchoSure in the clinic.”
Sonavex is also pleased to announce the addition of two industry veterans, Bill Niland and Bob Hallenbeck, to its Board of Directors. Mr. Niland currently serves as CEO of Harpoon Medical and Mr. Hallenbeck, a former executive with Becton Dickinson, brings decades of experience in strategy, venture, and business development. “I am excited to support Sonavex as both an investor and Director,” said Hallenbeck. “I believe in the technology, business case, and most importantly, the ability of the team to execute on the plan and grow the company.”
“This represents an exciting time for the company,” stated David Narrow, CEO of Sonavex. “Our traction has enabled Sonavex to not only raise capital to accomplish critical milestones, but also attract essential talent to support the company’s growth. Recent developments in our product pipeline has motivated us to increase the size of the round with a second tranche of $1.3 million.”
The company was recognized as Maryland’s 2016 Incubator Company of the Year and received investment from TEDCO’s Life Science Investment Fund and Maryland Innovation Initiative.
Sonavex, Inc. is a Baltimore-based medical device company spun out of Johns Hopkins. The company is dedicated to providing novel ultrasound solutions to visualize and quantify critical data for improved outcomes and reduces costs in new surgical applications. Sonavex developed EchoSure to detect blood clots after surgery to prevent catastrophic surgical failures. For more information, please visit www.sonavex.com.
Chief Executive Officer
Phone: (443) 797-2584