Belgian developer Nyxoah said yesterday it raised $20 million (EU €18 million) to support its progress towards eventual CE Mark and FDA approval for its novel neurostimulation based disruptive therapy for patients with obstructive sleep apnea.
The company is developing a lead-free neurostimulator designed to deliver bilateral hypoglossal nerve stimulation to treat moderate to severe OSA patients who have failed conventional therapy with a CPAP machine.
Funding in the round was led by Gilde Healthcare, and joined by SRIW and existing shareholders, with Novallia providing a subordinated loan. Proceeds from the round will fund the company’s go-to-market strategy, including regulatory approvals and the Blast OSA international study.
“Gilde Healthcare’s domain expertise in medtech and sleep will support the management team to achieve Nyxoah’s vision of becoming a leader in OSA therapy. In Western countries alone there are 5 million OSA patients who require treatment but have failed current gold standard therapy. this large unmet need can be addressed by Nyxoah’s bilateral neurostimulation therapy,” co-founder and current CEO Robert Taub said in a press release.
Nyxoah also announced it tapped medtech vet and current LivaNova (NSDQ:LIVN) corporate business development director Enrique Vega as its new CEO, scheduled to take the corner office in September this year.