ST. PAUL, Minn., Dec. 3 /PRNewswire/ -- Apnex Medical, Inc., a private medical device company, announced that it has completed a second round of private equity financing totaling $14 million. The funds will be used to complete a clinical study and develop a second generation of its proprietary implantable technology designed to treat obstructive sleep apnea (OSA).
Participants in the financing include Domain Associates, New Enterprise Associates (NEA), Polaris Venture Partners and Michael Berman. The current board includes Robert Atkinson, CEO, and Michael Berman, Chairman, together with Brian Chee, John Nehra and Nimesh Shah representing Polaris, NEA and Domain, respectively. This financing brings the total investment in Apnex Medical to $30 million.
"We are very excited about the early results with the Apnex Hypoglossal Nerve Stimulation (HGNS(TM)) System in our clinical study. Our technology really has the potential to change the lives of people suffering from OSA. This round of financing will allow us to finish our initial clinical study and get us that much closer to market," said Robert Atkinson, CEO.
"From prior research, we know that hypoglossal nerve stimulation has the potential to reduce OSA severity. The Apnex HGNS System operates on similar principles, and this study should provide evidence of its safety and effectiveness over time," said Alan R. Schwartz, M.D., Professor of Medicine, Johns Hopkins University School of Medicine. Dr. Schwartz, as well as Philip Smith, M.D., also a Professor of Medicine at Johns Hopkins, are among the early pioneers in this field and serve as consultants to Apnex Medical.
About Apnex Medical
Apnex Medical was founded in 2006 with a mission to pioneer medical innovations to improve the health of people with sleep disordered breathing. The company has developed a proprietary implantable medical device for the treatment of OSA. The Apnex HGNS System
|SOURCE Apnex Medical, Inc.|
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