Nyxoah has raised another €15 million (about $17 million) in equity financing to help commercialize its nerve stimulation treatment for sleep apnea.
The lion’s share of the round was put up by the Australian hearing implant firm Cochlear, which invested €13 million alongside previous shareholders of the Belgium-based Nyxoah.
“Cochlear actively monitors the market for novel technologies and implantable devices that over the long term may leverage its core business,” Cochlear Chief Technology Officer Jan Janssen said in a statement.
“Nyxoah's minimally invasive solution presents an attractive alternative for patients with compliance or intolerance issues in respect of existing therapies,” said Janssen, who will also serve on Nyxoah’s board of directors beside Cochlear’s recently retired CEO, Chris Smith.
The company’s battery-free Genio implant, 2.5 mm thick and 20 mm in diameter, is designed to be placed close to the bilateral hypoglossal nerves that control the tongue, and is expected to last at least 12 years. It’s powered by an RF-emitting disposable patch worn on the patient’s chin while they sleep.
Nyxoah recently completed a clinical study—showing improvements in symptoms such as reductions in drops in blood oxygen levels while sleeping—that the company says will be featured in its previously submitted dossier for a CE mark. The treatment is designed for obstructive sleep apnea patients that have failed conventional positive airway pressure therapy, or CPAP.
"The Nyxoah therapy was also associated with high patient compliance and improvements in patient quality of life,” said Nyxoah CEO Enrique Vega. “We look forward to publishing the clinical results in a leading medical journal during 2019.”
Nyxoah previously raised €18 million in July 2016, in a round led by European investment firm Glide Healthcare. The most recent proceeds will be used to launch European market development activities following a CE mark, and to work toward IDE filings with the FDA.