Sonetik AG completes new financing to fund further growth in the US

Media release

Sonetik AG completes new financing to fund further growth in the US

January 17, 2014, Zurich, Switzerland - The Swiss hearing healthcare company Sonetik AG, today announced that it has raised growth capital in a new financing round. The participants in this Series A2 financing included existing investors, BB Biotech Ventures, and new investors joining the consortium, Aeris Capital. Aeris Capital is also joining the board of directors of the company.

The company will use the proceeds to fund further growth in the US, where it co‐operates with McKesson Medical, a leading medical supply distribution company with a sales force of 1.200 people. Sonetik's focus in the US, on enabling physicians to provide hearing healthcare to their patients, could have a strong impact on how the US hearing aid market develops over the coming years. Sonetik is already present with its own sales people in more than 10 states in the US and will extend it to 40 Sales representatives nationwide within the next three years. It is expected that Sonetik will achieve a 10% unit share of the US private market by the year 2018.

Christian Stromsted, CEO of Sonetik AG, commented: "The US represents the world's largest hearing healthcare market, and through our partnership with McKesson we are in a unique position to establish Sonetik as a strong contender in the market. With this capital increase, Sonetik has secured the financing needed to continue our explosive growth in the US over the coming 3‐5 years. The repeat investment by our existing investors has clearly indicated the long‐term commitment to Sonetik, and with their new investment, Aeris Capital show their trust in Sonetik's unique and disruptive approach to hearing healthcare. Sonetik is now ideally positioned to introduce healthcare efficiency into the US hearing healthcare market."

About Sonetik AG

Sonetik AG is an innovative Swiss hearing healthcare company, which provides easy access to high quality hearing tests and hearing aids at highly attractive prices through new distribution channels such as pharmacies, drugstores and physicians. Through its belief that good hearing should not be a luxury, Sonetik pledges to enable individuals with age related hearing loss to rediscover their hearing in less than 1 hour. Headquartered in Zurich, the company holds a 10% market share in Switzerland and also retails in the UK, Netherlands, Germany and the US. Founder and CEO Christian Stromsted previously worked in the high‐end hearing instrument sector in Denmark, the Netherlands, the US, Germany and Switzerland.

Further information is available at http://www.sonetik.com/.

For further information please contact:

Christian Stromsted (CEO), telephone: [phone], e‐mail: [e-mail]

Media release (PDF)

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