Inspire Medical Systems, a developer of neurostimulation therapies, has secured $14.5m in series C financing round.
In the financing round, Inspire’s existing investors including Kleiner Perkins Caufield & Byers, US Venture Partners, Synergy Life Science Partners and GDN Holdings as well as new investors, Medtronic and TGap Ventures, have participated.
The company will use the capital to support clinical trial patient follow-up, US regulatory submissions, and expansion of commercial activities in Europe.
The company has also completed enrolling patients for its multi-center stimulation therapy for apnea reduction (STAR) pivotal trial.
The trial is designed to assess the safety and effectiveness of Inspire Upper Airway Stimulation (UAS) therapy in patients with moderate to severe obstructive sleep apnea (OSA).
The results of the study will be used for a pre-market approval (PMA) application submission to the FDA, which is scheduled for early 2013.
Inspire Medical Systems chairman Glen Nelson said, "Inspire has broadened its investor base, finished enrollment in its STAR pivotal trial, and completed commercial implants in three European countries."
Inspire Medical Systems president and CEO Tim Herbert said, "Our focus now is to gain regulatory approvals and to secure reimbursement mechanisms so that this patient group will have access to our breakthrough technology."