Respicardia, the US-based developer of an implantable sleep apnoea treatment device, closed a $58.5m funding round on Monday led by medical device manufacturer Zoll Medical that included all its existing investors.
Originally known as Cardiac Concepts, Respicardia develops implantable therapies to treat respiratory and cardiovascular conditions.
The company’s first product, Remede System, is an implantable neurostimulation device that restores normal breathing patterns during sleep for sleep apnoea sufferers.
Remede received regulatory approval in the US in October this year, and Respicardia will use the funding to prepare the device for market as well as to continue product development.
Respicardia has now raised approximately $142m in funding altogether, according to press releases and regulatory filings, most recently securing $5.1m of an expected $6.6m from 13 investors in June 2017.
Medical device maker Sorin Group paid $20m in 2014 for a minority stake in Respicardia and an option to purchase the company in the future.
The company had also brought in $21m in a 2008 series B round featuring Polaris Venture Partners, Versant Ventures, RK Ventures, Accuitive Medical Ventures, Affinity Capital Management and Three Arch Partners.
Bonnie Labosky, Respicardia’s CEO, said: “We believe the Remede System will soon become the treatment of choice for patients suffering from central sleep apnoea and are pleased to receive significant funding from Zoll in support of this important mission.
“Proceeds from the financing will be used to fund our US commercialisation efforts and support ongoing development of the system.”