Summary: XII Medical Inc, a clinical-stage medical technology company focused on developing neuromodulation therapies for obstructive sleep apnea (OSA), has raised $45 million in Series B equity financing. The funding, led by Omega Funds with participation from new and existing investors, will be used to further the development of XII Medical’s patient-centric therapy aimed at improving the quality of life for OSA patients. The company plans to expand its team and collaborate with leading partners to advance its technology and clinical research.
Key Takeaways:
- Funding Secured: XII Medical raised $45 million in Series B funding to accelerate the development of its neuromodulation therapy for obstructive sleep apnea.
- Focus on Patient-Centric Therapy: The company’s therapy is designed to enhance the quality of life for patients with OSA.
- Strategic Collaborations: With the new funding, XII Medical aims to expand its team and collaborate with partners.
XII Medical Inc, a clinical-stage medical technology company developing therapies for obstructive sleep apnea, announced the closing of a $45 million Series B equity financing.
XII Medical has developed a patient-centric neuromodulation therapy designed to enhance quality of life for people with obstructive sleep apnea. Funds will be utilized to further product and clinical development.
“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,” says Garrett Schwab, president and CEO of XII Medical, in a release.
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.
“Despite advancements in obstructive sleep apnea therapies, challenges remain that prevent millions of people from receiving adequate treatment,” says Saoussen Ben Halima, PhD, senior associate at Omega Funds, in a release. “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.”
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