Cochlear Ltd. (ASX:COH) has joined a $17.1 million (EU €15 million) funding round for Nyxoah to support the development and commercialization of its hypoglossal nerve stim therapy for treating obstructive sleep apnea.
Australian hearing tech developer Cochlear lead the round, investing $14.7 million (EU €13 million). The round was also joined by several existing Nyxoah shareholders, the Belgian company said. As part of the funding round, a member of Cochlear has joined Nyxoah’s board of directors.
“Cochlear actively monitors the market for novel technologies and implantable devices that over the long term may leverage its core business. Nyxoah’s minimally invasive solution presents an attractive alternative for patients with compliance or intolerance issues in respect of existing therapies. We look forward to working with Nyxoah,” Cochlear chief tech officer Jan Janssen said in a prepared release.
Nyxoah said that it recently completed a clinical study of its hypoglossal nerve stimulation tech that will serve as a milestone as it seeks CE Mark approval in the European Union. Funds from the round will be used to initiate post-CE Mark European market studies and work towards FDA investigational device exemption approval, the company said.
“We are extremely pleased to welcome Cochlear as a new investor. Their board-level participation will accelerate Nyxoah’s vision of becoming a leader in OSA therapy,” Nyxoah board chair Robert Taub said in a prepared statement.
“Patients from the BLAST OSA study show a major improvement in sleep apnea symptoms including a significant reduction Oxygen Desaturation Index and AHI. The Nyxoah therapy was also associated with high patient compliance and improvements in patient Quality of Life. We look forward to publishing the clinical results in a leading medical journal during 2019,” Nyxoah CEO Enrique Vega said in a press release.