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University of Michigan's Wolverine Venture Fund Participates in $25 Million Series D Investment in Sonitus Medical
Date:5/31/2012

ANN ARBOR, Mich., May 31, 2012 /PRNewswire-USNewswire/ -- The Wolverine Venture Fund, managed by students at The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan Ross School of Business, today announced it has invested in Sonitus Medical, a medical device company that manufactures the world's first non-surgical and removable hearing device to transmit sound via the teeth. The $25 million Series D round of venture capital financing was led by Abingworth and also included investments by Arboretum Ventures and Novartis BioVentures. The Wolverine Venture Fund first invested in Sonitus in March 2011.

Sonitus Medical is a leader in the bone conduction hearing device category, an emerging, distinct market that is differentiated from both the hearing aid and cochlear implant segments. The company's non-invasive SoundBite™ Hearing System is a prosthetic device that makes novel use of the established principle of bone conduction by transmitting sound via the teeth and thereby replacing the function of the impaired ear. It has already received FDA 510(k) clearance for two indications, single-sided deafness and conductive hearing loss.

"We are pleased to receive a large round with attractive terms to further validate our leadership position in the bone conduction hearing device category," said Amir Abolfathi, CEO of Sonitus Medical. "The Wolverine Venture Fund is part of a strong group of investors with an impressive track record. I was amazed with the trust the University places in the students to make these investments and consider it a model more business schools should embrace to foster entrepreneurship and smart investing."

The $5.5 million Wolverine Venture Fund was the country's first student-led venture fund and, together with
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SOURCE Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
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