Medical device producers Cochlear and ResMed has participated in a €25m ($27.2m) financing round for Belgium-based sleep therapy system developer Nyxoah alongside undisclosed existing shareholders.
Nyxoah is working on a device called Genion that is designed to use neurostimulation to treat obstructive sleep apnoea (OSA), a condition where a person’s breathing is disrupted when they are asleep, potentially leading to snoring or difficulties with sleeping.
The round is expected to close before the end of this month and the proceeds will fund further commercialisation of Genio in Europe, Australia and New Zealand as well as an investigational device exemption trial for the system in the US.
Cochlear had previously led a $17.1m round for Nyxoah in late 2018, investing together with unnamed existing backers.
The company had raised a total of $24.8m in financing as of 2014 when it received $10.9m from undisclosed investors, before adding $20m two years later in a round led by investment firm Gilde Healthcare that also featured Walloon state-backed vehicle SRIW.
Nyxoah CEO Olivier Taelman said: “We have an innovative approach to treating OSA. Having ResMed, the global leader in sleep apnoea, support this significant funding round along with our existing shareholders will help Nyxoah to further accelerate its development.”
