Signifier Medical Technologies, which is developing the “Snoozeal” daytime neurostimulator for snoring and mild obstructive sleep apnea (OSA), has closed an oversubscribed Series B funding, aiming to invest further in R&D and prepare the company for commercial stage. With this round, Signifier Medical Technologies has raised a total in excess of $13 million since its founding in 2015.
The new funds will enable Signifier Medical Technologies to:
- accelerate the data generation in ongoing clinical trials with its Snoozeal with key opinion leaders in sleep conditions in academic centers, including: University College London; University of California – San Diego and New York Presbyterian – Cornell University;
- complete the FDA approval process, with de novo filing anticipated in 2019;
- further invest in expanding its product range, including adding advanced analytics capabilities; and
- expand the team to broaden its capability set, including commercial readiness in key geographies.
SnooZeal’s technology sends gentle electronic pulses to the back of the tongue to tone the muscles, which the manufacturer states reverses the over-relaxation of the tongue and stops snoring. It is used for for 20 during the day.
“Signifier Medical Technologies is aspiring to revolutionize the sleep market,” says Anshul Sama, BMedSci, BM, BS, FRCS, FRCS, co-founder and chief medical officer of Signifier Medical Technologies, in a release. “For the last few years, we have been developing a novel and ground-breaking device that will help solve the conditions of snoring and mild OSA, which affect over 110 million people in the US and 100 million people in Europe.
“This capital raised will allow us to invest further in R&D and increase our speed of innovation. We are leveraging our proven technology and expanding our pipeline to include additional cutting-edge products that will allow us to extend the indications we can address into the mainstream treatment of OSA. This will enable us to make a real impact on the lives of millions of people, in an area with significant unmet medical need.”
The Series B round was led by The Pritzker Organization, a family merchant bank that focuses on long-term growth capital. It includes participation from new investors, such as the family office of Robert Parkinson Jr, the former Chairman and CEO of Baxter International, and participation from existing investors, comprising the founders of the company and all board members.
Joseph Gleberman, managing director of The Pritzker Organization, says, “We are excited to support Signifier Medical Technologies in bringing its highly promising new technology to the market to address snoring, a significant health and lifestyle problem for so many people.”
In conjunction with the closing of the Series B round, Steffen Kastner, former managing director of Goldman Sachs, where he co-headed its credit investing business in Europe; and Robert Sullivan, former CEO, COO, and founder of Capital Holdings and current regional president of Fifth Third Bancorp, join Kieran Gallahue (chairman) on the board, to drive and guide the company forward.