Navigation Links
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 the Frankel and Social Venture Funds, serves as a shining example of the Institute's action-based approach to entrepreneurial education. Since its inception, the Wolverine Venture Fund has invested in more than 20 companies in a wide range of innovative industries such as information technology, life sciences and alternative energy. A team of six students, representing both MBAs and Ph.D.s, spearheaded the investment in Sonitus Medical, including conducting all necessary due diligence, negotiation and collaboration with other investors.

"We are pleased to again invest in a company that is changing people's lives by giving them the joy of hearing," said Erik Gordon, associate director of the Zell Lurie Institute and managing director of the Wolverine Venture Fund. "This round has also been a tremendous experience for the students who oversaw the process. They were not only able to see the rapid progression of a portfolio company in the past year and participate in its latest financing, but they also got to collaborate on the deal with some very good, well-established venture capital firms from around the world."

Commenting on the experience Wolverine Venture Fund member and joint M.D./Ph.D. student Nicholas Douville said, "We were given a seat at the table with experienced investors representing firms here in Michigan, from the coasts and overseas, and invested real money that is going to make a meaningful difference for  the company and those with hearing loss and single-sided deafness. Being a part of the Wolverine Venture Fund's second investment in Sonitus Medical was truly an invaluable experience and one that simply can't be matched in a classroom setting."

About the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
The Institute and its Center for Venture Capital and Private Equity Finance bring together a potent mix of knowledge, experience and opportunities from the front lines of entrepreneurship and alternative investments. The student learning experience is further enhanced through internships, entrepreneurial clubs and events that serve to provide viable networks and engage the business community.  The School's three student-led investment funds, with over $6.5M under management, immerse students in the business assessment and investment process. Founding Board Members include Samuel Zell, Chairman of Equity Group Investments and Eugene Applebaum, Founder of Arbor Drugs, Inc. For more information, visit the Institute at www.zli.bus.umich.edu.

 


'/>"/>
SOURCE Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Quark Pharmaceuticals Extends Research Agreement with State University of New York for Proprietary siRNA Compounds for Acute Hearing Loss
2. Boston University Biomedical Engineers Find Chink in Bacterias Armor
3. Quark Pharmaceuticals Signs Collaboration Agreement With University of Michigan for Development of Proprietary SiRNA Compounds for Noise-Induced Hearing Loss
4. Potential Breakthrough Cancer Treatment Emerges from MIPS-Funded Clinical Trial Teaming CSA Medical Inc. and University of Maryland Researchers
5. Tezampanel, TorreyPines Therapeutics Lead Compound, Reduced Muscle Spasticity and Rigidity in Preclinical Study Conducted at University of California, San Diego
6. University of Pennsylvania School of Medicine Study Shows Significant Differences in English- and Spanish-speakers Use of Oncology Websites
7. Raydiance Collaborates With Rutgers University and Nations Largest Tissue Bank to Develop Innovative Tissue Processing Approaches
8. Northwest Biotherapeutics Conducting Ovarian Cancer Clinical Trial With DCVax(R)-L at University of Pennsylvania
9. Nobel Laureate Dr. Gunter Blobel to Speak at Florida Atlantic University
10. Beckman Coulter Announces Licensing Agreements for Molecular Tests with National University of Ireland, Galway
11. UM Maryland Industrial Partnerships Program Approves 18 Collaborative Research Projects, Worth $4.4 Million, Between University Faculty, State Technology Companies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... 12 2016  OMS Supply, a large provider of ... announced today the recent launching of their new company ... of features that enhance the user experience and enable ... --> --> Despite ... company that started in early 2016, they have already ...
(Date:2/12/2016)... 12, 2016 Indiso ... den ungedeckten medizinischen Bedarf bei Lungen- und ... klinischen Forschungsprogramms bekannt. Das Programm, das sich ... ihrer respiratorischen Funktionen und anderer klinischer Parameter. ... Medizintechnikunternehmen, das sich auf den ungedeckten medizinischen ...
(Date:2/11/2016)... The primary goal of this research is to analyze ... of liquid biopsy. Key information the survey seeks to ... liquid biopsy adoption amidst future users - Predominantly used ... Sample inflow to conduct liquid biopsy tests - Preference ... on. - Correlation analysis of sample type and biomarker ...
Breaking Medicine Technology:
(Date:2/14/2016)... Laurel, NJ (PRWEB) , ... February 14, 2016 ... ... 14-20, 2016, the American Association of Heart Failure Nurses (AAHFN) is promoting healthier ... caregivers. This year’s campaign, Spices of Life! Healthy Living with Heart Failure will ...
(Date:2/13/2016)... ... February 13, 2016 , ... Many individuals looking to lead a healthy lifestyle ... reasons. IsoPasta by Isolator Fitness has delved into this niche allowing those giving ... high-carb repercussions. IsoPasta has 30 grams of protein and only 7 grams of ...
(Date:2/13/2016)... Salt Lake City, Utah (PRWEB) , ... February 13, 2016 , ... When an ... kids, Host Parents aren’t always sure what they are in for and they are often ... Pairs are more than they were hoping for. This year’s Au Pair of the Year ...
(Date:2/12/2016)... ... February 12, 2016 , ... The law firm of Morrow, Morrow, Ryan & ... purpose of these scholarships is to encourage applicants to pursue a degree in their ... these two parishes. , “We have available jobs in St. Landry and Evangeline ...
(Date:2/12/2016)... (PRWEB) , ... February 12, 2016 , ... Each year, ... will be held in Anaheim, CA at the Anaheim Convention Center. Almost 10,000 physical ... see new therapy products in action, learn more about their chosen field and network ...
Breaking Medicine News(10 mins):