Implantable hearing aid producer Cochlear has invested €13m to lead a €15m ($17.1m) funding round for Nyxoah, a Belgium-based company creating medical devices to treat sleeping disorders.
The other €2m was sourced from undisclosed existing Nyxoah shareholders and the round took the company’s total funding to more than $47m.
Nyxoah develops medical devices to treat patients suffering from obstructive sleep apnoea (OSA) who have failed conventional positive airway pressure therapy.
The company recently completed a clinical study examining nerve stimulation for the treatment of OSA, and will now look to obtain investigational device exemption for the system with the US Food and Drug Administration.
Jan Janssen, Cochlear’s chief technology officer, said: “Cochlear actively monitors the market for novel technologies and implantable devices that over the long term may leverage its core business.
“Nyxoah’s minimally invasive solution presents an attractive alternative for patients with compliance or intolerance issues in respect of existing therapies.”
Healthcare investment firm Gilde Healthcare led a $20m round for the company in 2016 that included Walloon state-backed firm SRIW and unnamed existing investors. Nyxoah had previously raised $10.9m from unnamed investors in 2014 to take its total funding to almost $25m.
Image courtesy of Nyxoah SA.