XII MEDICAL RAISES $45 MILLION IN SERIES B FINANCING TO ADVANCE BEST-IN-CLASS NEUROMODULATION THERAPY FOR OBSTRUCTIVE SLEEP APNEA
Omega Funds and Intuitive Ventures join top-tier syndicate of healthcare investors to support ongoing clinical activities
UNION CITY, Calif., Aug. 21, 2024 /PRNewswire/ -- XII Medical, Inc., a clinical-stage medical technology company developing innovative therapies for obstructive sleep apnea, today announced the closing of a $45 million Series B equity financing. The financing was led by Omega Funds and joined by new investor Intuitive Ventures. Existing investors also participated, including founding investor Cleveland Clinic, Ajax Health, Longview Ventures (an affiliate of Broadview Ventures), Aperture Venture Partners, JobsOhio Growth Capital Fund and an undisclosed strategic investor. Funds will be utilized to further product and clinical development. XII Medical has developed a state-of-the-art, patient-centric neuromodulation therapy designed to enhance quality of life for the millions of people suffering from obstructive sleep apnea.
Obstructive sleep apnea (OSA) is a disorder in which the muscles in the throat temporarily relax, causing blockage of the airway during sleep. It is estimated that 425 million people, globally, have moderate to severe OSA requiring treatment. Current treatment options are overly burdensome to patients and physicians, leaving a significant number of patients untreated, undertreated and at risk of severe health complications.
"Despite advancements in obstructive sleep apnea therapies, challenges remain that prevent millions of people from receiving adequate treatment," commented Saoussen Ben Halima, PhD, Sr. Associate, Omega Funds. "We are thrilled to lead this round. We believe XII Medical developed a ground-breaking platform technology to simplify treatment, expand access and improve outcomes for patients.''
"XII Medical's transformative technology is poised to help the hundreds of millions of those suffering from OSA," said Murielle Thinard McLane, President and Managing Partner of Intuitive Ventures. "Their neuromodulation therapy addresses patient compliance issues while also offering a high quality, minimally invasive solution with a streamlined surgical approach and smaller, flexible and easier to implant technology than current solutions."
"XII Medical is committed to improving the lives of patients with obstructive sleep apnea. The significant support from our investors will allow us to expand our exceptional team and collaborate with best-in-class partners to advance our technology and clinical research," commented Garrett Schwab, President and CEO of XII Medical.
"XII Medical has made significant progress and we are pleased to welcome these outstanding new investors to our syndicate," commented Anthony Natale, M.D., Executive Chairman of XII Medical. "I share their excitement in the pioneering work the XII Medical team is doing to make best-in-class OSA therapy accessible to all who require it."
About XII Medical
Founded in 2017 and headquartered in Union City, California, XII Medical, Inc. is a clinical-stage medical technology company revolutionizing the treatment of obstructive sleep apnea. Privately held, the company is backed by Cleveland Clinic, Ajax Health, Omega Funds, Longview Ventures, Broadview Ventures, JobsOhio Growth Capital Fund, Intuitive Ventures, Aperture Venture Partners, CincyTech, and an undisclosed strategic investor. The XII Medical platform is limited to investigational use and is not available for sale. Visit https://xiimedical.com/ for more information.
About Omega Funds
Founded in 2004, Omega Funds is a leading international venture capital firm that creates and invests in life sciences companies that target our world's most urgent medical needs. Omega focuses on supporting companies through value inflection points across the full arc of innovation, from formation through clinical and commercial milestones. Omega portfolio companies have brought 50 products to market in multiple therapeutic areas, including oncology, rare diseases, precision medicine and others. Visit https://omegafunds.com/ for additional information.
SOURCE XII Medical, Inc.
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