Cryosa Closes $21.5 Million Series B Funding Round to Advance Minimally Invasive Obstructive Sleep Apnea Treatment
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ARDEN HILLS, Minn. – (BUSINESS WIRE) – Medical technology startup Cryosa has closed its Series B funding round and raised $ 21.5 million to continue developing its therapies for obstructive sleep apnea (OSA).
The round was led by life science company Solas BioVentures, with additional funding from Series A investors including life science company Santé Ventures, global tech and medical technology company HOYA Corporation, and other investors. The funds will be used to continue the first human clinical trials.
“We are focused on developing a treatment for the root cause of sleep apnea and offering ear, nose and throat doctors a novel therapy that does not require an implant or the patient’s daily compliance,” said Dr. Donald Gonzales, founder and head of Cryosa Medical Officer.
“With the momentum of this funding round, we are in a strong position to move into our next phase of clinical trials for safety and efficacy,” said Mark Christopherson, President and CEO of Cryosa.
An estimated 24 million people in the US and 425 million people worldwide have moderate to severe OSAi. Cryosa was founded to focus on novel treatments for this condition and is led by an experienced team of entrepreneurs, engineers and professionals from medical device startups and large medical device companies.
“There is a lack of available OSA treatments that are both minimally invasive and effective. The device developed by Cryosa has the potential to help millions of people with this condition, ”said Dr. David Adair, Co-Founder and Managing Director of Solas BioVentures.
About Cryosa
Cryosa is a medical technology company focused on developing breakthrough, minimally invasive therapies for obstructive sleep apnea (OSA) that do not require daily patient compliance. Driven by an experienced medical technology team of successful startup entrepreneurs and great medical technology engineers and professionals, the company is based in Minnesota’s Medical Alley. Visit www.cryosa.com for more information.
About Solas BioVentures
Solas BioVentures is a venture capital firm that invests exclusively in the life science industry and primarily focuses on early stage and development stage biotech and medtech companies that drive impactful, disruptive technologies. Headquartered in Chattanooga, Tennessee, coverage is global. Further information is available at www.solasbio.com.
About healthcare companies
Founded in 2006, Santé Ventures is a specialist healthcare and life sciences investment firm with over half a billion dollars under management. The company invests in early stage companies developing innovative new medical technologies, biotechnologies and digitally-assisted health services. Recent Santé successes include Claret Medical (Boston Scientific), TVA Medical (Becton Dickinson), Millipede Medical (Boston Scientific), Molecular Templates (MTEM), AbVitro (Celgene) and Explorys (IBM Corp). Santé invests nationwide and has offices in Austin, TX and Boston, MA. More information is available at www.sante.com.
About HOYA
HOYA Corporation is a global technology and medical technology company and a leading supplier of innovative high-tech glass and medical products. HOYA has set itself the goal of becoming a leading company in niche markets through creativity and innovation. As part of this philosophy, we continue to research and develop quality products used in healthcare and information technology. Founded in 1941 in Tokyo, Japan, HOYA has more than 150 offices and subsidiaries worldwide and currently employs a multinational workforce of 37,000 people. More information is available at http://www.hoya.com.
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and Benjafieldet. al, 2019, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7007763/
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