Sonendo, which makes a medical device system for less-invasive root canal therapy, raised $94 million by offering 7.8 million shares at $12, below the range of $15 to $17. At pricing, the company commands a fully diluted market value of $340 million.
Sonendo has developed what it states is the first and only FDA-cleared system for root canal therapy (RCT), called the GentleWave System. The system utilizes Sonendo's proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure. The company states that the GentleWave System can also improve the workflow and economics of dental practices. Sonendo began scaling commercialization of its current technology in 2017, and as of June 30, 2021, it had an installed base of over 700 GentleWave Systems and has treated more than 600,000 patients.
Sonendo plans to list on the NYSE under the symbol SONX. BofA Securities, Goldman Sachs, Piper Sandler, and Stifel acted as lead managers on the deal.
