San Diego-based Sommetrics said yesterday that it closed a $12.3 million stock financing Series B round to support commercialization of the company’s sleep products.
The round was financed by new and current investors, Sommetrics said.
“There is a great deal of attention on the amount of time spent sleeping,” president & CEO Dr. Richard Rose said in prepared remarks. “But, there is growing awareness that quality of sleep is important, too, and may be a key determinant of overall health. Our aer+ technology product line is designed to address the need for effective and well-tolerated products that enhance sleep quality.”
“We’re pleased that both current investors and new investors support our mission,” vice chairman Avram Miller added. “This round of financing is a vital step in our growth and the further commercialization of our innovative solutions to improve sleep quality for people worldwide.”
Sommetrics makes products to help people cope with sleep conditions, including obstructive sleep apnea and chronic snoring. It also markets a product for airway narrowing caused by sedation, which has CE Mark clearance and was recently cleared by the FDA.
The company said it plans to use the funds to finish the development of its products and to get additional regulatory approvals.