ImThera Medical Inc. put to bed more than $1 million of a possible $2.2 million funding round that will go towards completing clinical trials of an implantable neurostimulation device for sleep apnea.
Officials at the San Diego, Calif.-based company described the financing as a “tranche in a larger $5 million B round,” which is expected to close sometime in December, according to ImThera CEO and founder Marcelo Lima.
Lima also told MassDevice that the firm has also received a Qualified Therapeutic Discovery Project grant for $244,000 from the federal government. The QTDP tax credits and grants were established by the Patient Protection and Affordable Care Act, more commonly referred to as the healthcare reform law, to help forward technology innovation in medicine.
The proceeds be used to complete clinical trials in the European Union and to begin the application process for an investigational device exemption from the Food and Drug Administration, Lima told us.
ImThera’s technology uses an implanted device to deliver low levels of electricity to the tongue, which in turn causes the muscles to relax and pull away from the upper airway.
ImThera, which was founded in 2004 by Lima, has raised nearly $8 million to date, he said. The company has six employees at its San Diego headquarters.