Nyxoah, which is working on a neurostimulation-based therapy for obstructive sleep apnea, announced Thursday that it raised €18 million ($20 million).
Gilde Healthcare led the round, while all existing shareholders participated. Nyxoah will use the funding to bring its system through an international study as well as CE mark and FDA submissions, it said in a statement.
Founded in 2009, the Belgian-Israeli company is developing a neurostimulation device as an alternative to traditional obstructive sleep apnea treatments, such as CPAP devices that require a face mask, oral appliances and surgery. Its system consists of a tiny implant and disposable patch, which stimulate the nerves of the tongue to make it move slightly, preventing airway obstruction.
The implant, which is 20 mm in diameter and 2.5 mm thick, is designed to be implanted close to the nerves via a small incision. According to Nyxoah, the implant will last at least 12 years after placement, compared to other neurostimulation implants that require replacement after 5 years. The batteryless implant is powered by a disposable patch, which is worn on the patient’s chin.
The company’s last disclosed funding was €8 million in May 2014, which it used to power the clinical development of its patch and implant.
Sleep apnea affects an estimated 25 million people in the U.S. and EU, and a number of companies are developing new tools to manage the condition. Earlier this week, Netherlands-based NightBalance picked up €12.5 million ($13.9 million) to ramp up its European sales efforts for and to prepare for the U.S. launch of its Sleep Position Trainer device. And in July 2014, Australia’s SomnoMed won 510(k) clearance for its oral obstructive sleep apnea device, which is worn like a mouth guard.
- here's the statement
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