The company will use the proceeds for the commercialisation of eXciteOSA in its core target markets
The eXciteOSA device and its Smartphone App. (Credit: Business Wire)
Signifier Medical Technologies has secured $35m in Series D financing round to boost the commercialisation of its eXciteOSA, a daytime therapy device for sleep disordered breathing.
The eXciteOSA device has already secured de novo approval from the US Food and Drug Administration (FDA) to treat patients with primary snoring and mild obstructive sleep apnea (OSA).
The device is designed to rest on the tongue and stimulate the pharyngeal and tongue muscles directly to enhance their endurance.
The financing round saw participation from Segulah Medical Acceleration, Angelus Venture Fund I Alan Howard (co-founder of Brevan Howard Asset Management) and Pioneer Healthcare Partners.
Signifier CEO Akhil Tripathi said: “Our Series D fund raise will enable Signifier to bring our novel therapy to millions of patients suffering from sleep disordered breathing for whom there is today no effective treatment.
“We are truly grateful for the strong support the Company has received from both our existing shareholders and new investors which provides strong validation of our technology, team and commercial strategy.”
Signifier will use the proceeds for the commercialisation of eXciteOSA in its core target markets and the continued development of its digital patient and physician interface platforms.
The funds will also be used by the company to generate additional clinical data to reinforce the therapeutic efficacy of eXciteOSA, as well as progress reimbursement.
According to the company, OSA affects an estimated one billion adults aged 30-69 across the globe. It may result in multiple comorbidities such as hypertension, stroke, heart failure, diabetes, depression, and an increased risk of road traffic accidents.
The eXciteOSA offers a low-burden and patient-friendly option of daytime therapy, compared to complex night-time wearables commonly used to treat OSA, the company said.
Founded in 2015, Signifier has offices in London, UK, Needham, Massachusetts in the US and Berlin in Germany.