Based: Glen Burnie, MD
Investors: Safeguard Scientifics, TPG Biotechnology II Fund, and Quaker BioVentures
Scoop: NovaSom announced in late June it had closed $35 million in equity financing and will use the money both to fund growth and develop additional innovations within its proprietary NovaSom diagnostic medical device and cloud-based MediTrack patient management portals.
NovaSom is a diagnostic-service provider for home testing and evaluation of sleep-disordered breathing, including obstructive sleep apnea. The company has developed the first FDA-cleared device designed for unattended, unassisted patient use for the diagnosis of sleep apnea, the company notes on its website.
The company's home service delivery model, combined with a cloud-based portal technology, connects NovaSom with physicians, therapy providers, and payers. It has invested in technology solutions to allow its payer partners to rationalize OSA diagnosis and, when clinically appropriate, redirect testing into the home.