General Electric backs Sonitus Medical with $10M loan

September 18, 2013 by Brad Perriello

General Electric's capital arm loans $10 million to Sonitus Medical for its SoundBite tooth-based hearing aid.

General Electric backs Sonitus Medical with $10M loan

General Electric (NYSE:GE) said its GE Capital arm lent $10 million to Sonitus Medical for its SoundBite tooth-based hearing aid.

San Mateo, Calif.-based Sonitus plans to use the funds to expand commercialization of the SoundBite device, which uses bone conduction to transmit sound via the teeth, according to a press release.

The device is already on the market in the U.S. and Canada, according to the release.

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"We chose GE Capital because of their healthcare expertise, but particularly because of their understanding of the medical device space," CFO Jeff Mack said in prepared remarks. "GE’s knowledge of the industry and support were key to successfully closing this financing. They provided us with a flexible lending structure that supports our needs as we continue to ramp up our product development and commercialization efforts."

Last week GE Capital said it loaned $6 million to Delphinus Medical Technologies for its SoftVue breast tomography system.

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