Tuesday February 25, 2014 0 commentsBOULDER - Sophono Inc., a leading manufacturer of magnetic bone-conduction implants, announced it has accepted a seven-figure strategic investment to help the company more than triple its marketing and product efforts this year.
"In our latest round of financing, and with our six-month restructuring complete, three groups bid to invest," said Dr. Markus Haller, Sophono president and board executive chairman.
"They see what we see: An industry at a crossroads, moving from percutaneous to magnetic transcutaneous solutions for single-sided deaf and conductive/mixed hearing-loss patients."
Sophono did not identify the investors or the specific amount of investment.
Sophono CEO Peter Ruppersberg said increasing competition was one reason for the investment.
"That's why we're investing heavily to increase our share in a market that's already more than $100 million a year," he said. "The market has the potential of being six times that size. It's a very exciting time for our company and, indeed, the industry."