Respicardia said today it closed a $58.5 million financing round led by Zoll Medical to support commercialization efforts related to its Remede transvenous implantable neurostimulation system designed to treat patients with central sleep apnea.
The Remedē system consists of a surgically placed battery pack and thin wires inserted into the blood vessels in the chest near the phrenic nerve, which it stimulates to engage the diaphragm to restore natural breathing during sleep and improve patient quality of life and satisfaction.
The round was led by Zoll Medical and joined by all existing major investors, the Minnetonka, Minn.-based company said.
“We believe the remedē System will soon become the treatment of choice for patients suffering from central sleep apnea and are pleased to receive significant funding from Zoll in support of this important mission. Proceeds from the financing will be used to fund our U.S. commercialization efforts and support ongoing development of the system,” Respicardia CEO Bonnie Labosky said in a prepared statement.
“The remedē system is a breakthrough technology that uniquely treats the devastating effects CSA has on a person’s quality of life and cardiovascular health. This investment in Respicardia exemplifies Zoll’s commitment to advance novel therapies, especially those that address heart failure or one of its many co-morbidities such as central sleep apnea,” Zoll CEO Jonathan Rennert said in a press release.
In October, Respicardia won FDA approval for the Remedē transvenous implantable neurostimulation system.