SONEX HEALTH CLOSES SERIES B FINANCING TO EXPAND PHYSICIAN AND PATIENT ACCESS TO MINIMALLY INVASIVE TREATMENT FOR CARPAL TUNNEL SYNDROME
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EAGAN, Minn., September 13, 2023-- Sonex Health, a leader in the ultrasound-guided treatment of common orthopedic syndromes affecting the extremities, today announced the closing of a Series B financing, raising a total of $40 million. The proceeds from this investment will be used to significantly expand access of the company's groundbreaking commercially available devices that use ultrasound guidance to safely and effectively treat patients suffering from the debilitating pain caused by carpal tunnel syndrome (CTS) and trigger finger (TF) and allow those patients to rapidly return to normal activities. KCK MedTech, a venture capital firm specializing in medical technology investments, led the company's Series A and Series B financings. In conjunction with this Series B financing, the company also closed on a new debt facility with venture lender, Horizon Technology Finance Corporation (NASDAQ: HRZN).
"We appreciate the continued support and confidence from KCK MedTech and Horizon," said Bob Paulson, president and CEO of Sonex Health. "With this funding, we will continue expanding hand surgeons' access to ultrasound-guided technologies that effectively treat the significant pain and discomfort of patients suffering from CTS and TF, as well as continue to rapidly expand real-world clinical evidence demonstrating the clinical and health economic benefits of providing treatment with ultrasound guidance."
Typically, carpal tunnel release (CTR) and trigger finger release (TFR) procedures have been performed in a hospital or an ambulatory surgery center (ASC). The Sonex Health devices used under ultrasound guidance have allowed physicians to move CTR and TFR procedures from surgical suites into lower-cost, office-based procedure rooms to address the increasing patient demand for less-invasive CTR and TFR procedures.
Rapid patient enrollment in two recent multi-center, prospective, real-world clinical studies of CTR with ultrasound guidance (CTR-US) demonstrated the strong patient demand and unmet need for minimally invasive treatment options that allow patients to return to their daily activities and work within days versus weeks or longer often seen with surgical approaches. The most recent clinical study also highlighted the ability of physicians using CTR-US to treat patients suffering from bilateral CTS in a single procedure visit, eliminating the need for patients to schedule two separate procedure visits, and allowing patients to rapidly return to normal activities and work following a simultaneous bilateral CTR-US.
"We are excited to continue our support of Sonex Health as the company continues to expand access to minimally invasive treatment solutions for patients who have opted out of more invasive procedures," said Karen Long, senior managing director of KCK MedTech. "Highly positive patient and surgeon experiences are a strong indication that carpal tunnel release using ultrasound guidance is poised to become the standard of care."
ABOUT SONEX HEALTH
Sonex Health, Inc. is a leader in innovative ultrasound-guided therapies to treat common orthopedic conditions affecting the extremities, including entrapment neuropathies and tendinopathies. The company's proprietary devices allow surgeons to use real-time ultrasound guidance to visualize critical anatomy throughout procedures, thereby reducing both invasiveness and the cost of care, and enabling patients to return to their normal activities sooner. The company's first commercial device, UltraGuideCTR™, was designed to treat carpal tunnel syndrome and received FDA clearance in 2019. The company's second commercial device, UltraGuideTFR™ was designed to treat trigger finger, also known as stenosing tenosynovitis, and was released in 2022.
For information about Sonex Health, UltraGuideCTR, and UltraGuideTFR visit www.sonexhealth.com.
ABOUT the Institute of Advanced Ultrasound Guided Procedures
Founded in 2018 to support the Sonex Health mission and clinical excellence, the Institute of Advanced Ultrasound Guided Procedures is focused on innovation supported by robust clinical research and world-class professional education and training that transforms the treatment experience for patients, providers, and payers. For more information about the Institute visit www.sonexhealth.com/educational-institute.
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