Inspire Medical Systems, which spun out from Medtronic (NYSE:MDT) in 2007, said yesterday it closed a $37.5 million Series F financing round, as well as announcing the appointment of Marilyn Nelson to the board of directors.
Inspire Medical developed and produces a sleep apnea implant, a pacemaker-like system designed to stimulate nerves to keep airways open during sleep.
The Minneapolis, Minn.-based company’s Series F round was led by new investor Amzak Health, with Amzack partner Joyce Erony joining the board of directors as part of the funding.
Funds from the round will help further develop market adoption for the company’s therapy for obstructive sleep apnea, specifically supporting winning more reimbursements.
“We are delighted to join the Inspire team and look forward to working with management to grow and expand this important therapy,” Erony said in a press release.
The company said funds from the round will also aid in “broadening marketing strategies” and increasing its sales and ops team.
The company said it added Nelson, who is replacing her recently passed husband Dr. Glen Nelson, on its board of directors, effective immediately. Carlson is currently the CEO of global travel and hospitality company Carlson, and serves on the United Nations Global Compact.
“Having Marilyn Carlson join the Inspire Board is personally and professionally very important to Inspire. Her late husband, Dr. Glen Nelson, was instrumental in Inspire’s launch and growth and I know Marilyn will bring similar inspiration and leadership to the team at Inspire,” CEO Tim Herbert said in a prepared statement.
Earlier this month, Inspire Medical Systems said it raised $12.5 million in a new round of equity financing, according to an SEC filing posted today.
The company won FDA approval for the device in May 2014.