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 fro.