ARDEN HILLS, Minn.–(BUSINESS WIRE)–Medical device startup Cryosa completed its Series B funding round, raising $21.5 million to continue development of its therapies for obstructive sleep apnea (OSA).
The round was led by life sciences firm Solas BioVentures, with additional funding from Series A investors which include life sciences firm Santé Ventures, global technology and med-tech company HOYA Corporation, and additional investors. The funding will be used to continue first-in-human clinical trials.
“We are focused on developing a treatment for the root cause of sleep apnea, providing ear, nose and throat physicians a novel therapy that does not require an implant or daily compliance from the patient,” said Dr. Donald Gonzales, Cryosa founder and chief medical officer.
“With the momentum of this funding round, we’re in a strong position to expand into our next phase of safety and efficacy clinical trials,” said Mark Christopherson, Cryosa president and CEO.
An estimated 24 million people in the U.S. and 425 million people around the globe have moderate to severe OSAi. Cryosa was founded to focus on novel treatments for this disorder and is led by an experienced team of entrepreneurs, engineers and professionals from medical device startups and large med-tech companies.
“There is a lack of available OSA treatments that are both minimally invasive and effective. The device that Cryosa is developing has the potential to help millions of people with this disorder,” said Dr. David Adair, co-founder and managing director of Solas BioVentures.