XII Medical, Inc., a clinical-stage medical technology company developing innovative therapies for obstructive sleep apnea, today announced the closing of a $45 million Series B equity financing. The financing was led by Omega Funds and joined by new investor Intuitive Ventures.
Existing investors also participated, including founding investor Cleveland Clinic, Ajax Health, Longview Ventures (an affiliate of Broadview Ventures), Aperture Venture Partners, JobsOhio Growth Capital Fund, and an undisclosed strategic investor. Funds will be utilized to further product and clinical development. XII Medical has developed a state-of-the-art, patient-centric neuromodulation therapy designed to enhance the quality of life for the millions of people suffering from obstructive sleep apnea.
Obstructive sleep apnea (OSA) is a disorder in which the muscles in the throat temporarily relax, causing blockage of the airway during sleep. It is estimated that 425 million people, globally, have moderate to severe OSA requiring treatment. Current treatment options are overly burdensome to patients and physicians, leaving a significant number of patients untreated, undertreated, and at risk of severe health complications.
Despite advancements in obstructive sleep apnea therapies, challenges remain that prevent millions of people from receiving adequate treatment,” commented Saoussen Ben Halima, PhD, Sr. Associate, Omega Funds. “We are thrilled to lead this round. We believe XII Medical developed a ground-breaking platform technology to simplify treatment, expand access, and improve outcomes for patients.”
“XII Medical’s transformative technology is poised to help the hundreds of millions of those suffering from OSA,” said Murielle Thinard McLane, President and Managing Partner of Intuitive Ventures. “Their neuromodulation therapy addresses patient compliance issues while also offering a high quality, minimally invasive solution with a streamlined surgical approach and smaller, flexible and easier to implant technology than current solutions.”
“XII Medical is committed to improving the lives of patients with obstructive sleep apnea. The significant support from our investors will allow us to expand our exceptional team and collaborate with best-in-class partners to advance our technology and clinical research,” commented Garrett Schwab, President and CEO of XII Medical.
“XII Medical has made significant progress and we are pleased to welcome these outstanding new investors to our syndicate,” commented Anthony Natale, M.D., Executive Chairman of XII Medical. “I share their excitement in the pioneering work the XII Medical team is doing to make best-in-class OSA therapy accessible to all who require it.”