Sleep disorder breathing therapy provider raises $35m
Signifier Medical Technologies, a developer of therapies for sleep disordered breathing, has raised $35 million in its Series D capital raise.
This financing will underpin the commercialisation of Signifier’s FDA-approved De Novo device and therapy, eXciteOSA, to treat patients suffering from primary snoring and mild obstructive sleep apnoea (OSA).
The lead investors in the financing were Segulah Medical Acceleration, Angelus Venture Fund I L.P., Alan Howard (co-founder of Brevan Howard Asset Management) and Pioneer Healthcare Partners LP.
The proceeds of the financing will be directed towards commercialisation of eXciteOSA in Signifier’s core target markets, continued development of Signifier’s proprietary digital patient and physician interface platforms, the generation of additional clinical data to reinforce the therapeutic efficacy of eXciteOSA, and progressing reimbursement.
OSA affects an estimated one billion adults aged 30 to 69 globally, with 60% having mild OSA. The disease is linked to a number of comorbidities, such as hypertension, stroke, heart failure, diabetes, depression, and an increased risk of road traffic accidents. In contrast to complex night-time wearables commonly used to treat OSA, eXciteOSA provides a low-burden, patient-friendly option of daytime therapy. Patients are guided by a smartphone app, monitored remotely by their physician, and supported by Signifier’s Patient Advocate support team.
Dr Asim Roy, a leading pulmonologist and the medical director of the Ohio Sleep Medicine Institute, said: “My patients’ experience with eXciteOSA has been truly remarkable. The therapy has proven to be transformational in terms of its clinical efficacy and its impact on patients’ health and their quality of life. With the current challenges facing the sleep market, there could not be a better time for a viable, effective and easily accessible alternative to CPAP for mild OSA patients.”
Akhil Tripathi, chief executive officer of Signifier, said: “Our Series D fundraise 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.”