Sonex raises $40M for ultrasound-guided orthopedic surgery

Steven Loeb · September 13, 2023 · Short URL:

The company allows for carpal tunnel surgery to be done in an office instead of a hospital

Carpal tunnel syndrome (CTS) affects an estimated 13 million Americans, and while more than 2.7 million are clinically indicated for surgery, there are only 580,000 procedures performed every year. That's, in part, because procedures to treat CTS, as well as conditions like trigger finger, which is one of the most common complaints by patients presenting to their primary care physician, are typicall performed in a hospital or an ambulatory surgery center, which raises the cost of care. 

Sonex Health wants to change that, though, with devices that allow physicians to perform procedures such as carpal tunnel release (CTR) and trigger finger release (TFR) in office-based procedure rooms, with are far less invasive and costly. 

On Wednesday, the company announced that it raised a $40 million round of Series B funding led by KCK MedTech, which also led the company's Series A. This brings its total amount of venture funding to over $90 million. In conjunction, the company also closed on a new debt facility with Horizon Technology Finance Corporation. 

Founded in 2014, the Minnesota-based Sonex Health provides ultrasound-guided therapies to treat common orthopedic conditions affecting the extremities, such as entrapment neuropathies and tendinopathies. Its devices allow surgeons to use real-time ultrasound guidance to visualize critical anatomy during procedures:

The company's first commercial device, UltraGuideCTR, was designed to treat carpal tunnel syndrome and received FDA clearance in 2019. Its second commercial device, UltraGuideTFR, was designed to treat trigger finger, also known as stenosing tenosynovitis, and was released in 2022.

In a recent clinical study, it was shown that physicians using CTR-US could treat patients in a single procedure visit, instead of needing them to schedule two separate procedure visits. That allowed them to get back to the normal activities faster. 

The company said it plans to use the new funding to expand access to its devices.

"We appreciate the continued support and confidence from KCK MedTech and Horizon," Bob Paulson, president and CEO of Sonex Health, said in a statement.

"With this funding, we will continue expanding hand surgeons' access to ultrasound-guided technologies that effectively treat the significant pain and discomfort of patients suffering from CTS and TF, as well as continue to rapidly expand real-world clinical evidence demonstrating the clinical and health economic benefits of providing treatment with ultrasound guidance."

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