May 10, 2004
Insound Medical Completes $17.2 Million Financing, Led by De Novo Ventures
From: Yahoo News (press release) - May 10, 2004
NEWARK, Calif., May 10 /PRNewswire/ -- InSound Medical, Inc. completed a $17.2 million Series D round of financing, which will be used to complete development and begin sales of next generation devices to assist persons with hearing impairment.
The round was led by De Novo Ventures and Johnson & Johnson Development Corporation and included participation from Psilos Group Management, East Gate Capital, Piper Jaffray Ventures, Essex Woodlands Health Ventures, Jacobs Capital Partners, new private investors and existing shareholders. "We are pleased to make our first investment in this exciting new technology being developed by InSound. It will be a tremendous advance for the industry and most importantly for those that might benefit from hearing enhancement," stated Joe Mandato, Managing Director of De Novo Ventures, an investment firm focusing exclusively on the healthcare industry.
InSound Medical, Inc. is a company developing leading edge technologies to assist the hearing impaired. InSound has created significant advances in hearing assistance devices and has received FDA approval on one of its products, the first extended wear hearing device. InSound's product and distribution strategies are designed to provide alternatives for the growing population of hearing impaired, currently estimated at 28 million people in the U.S. alone. According to industry reports, the vast majority of these people. are generally dissatisfied with or unable to utilize traditional hearing aid products.
"We are pleased to have such a high quality group of investors. These resources will enable us to bring to market a very significant product that should benefit a large number of hearing impaired people," said Philip Sawyer, Chief Executive Officer of InSound Medical.
Source: InSound Medical, Inc.
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